Regulatory Alerts2025-01-01
Circular No. 4 of 2025 - FATF Statements on High Risk Jurisdictions
The Financial Services Authority of Seychelles issued this circular to direct reporting entities to implement updated FATF measures for high-risk and monitored jurisdictions following the February 2025 Plenary. The directive maintains countermeasures for North Korea and enhanced due diligence for Myanmar, while adding Laos and Nepal to increased monitoring and removing the Philippines after successful compliance. Reporting entities must continuously consult FATF publications, strengthen risk-based controls and correspondent banking practices, and face enforcement actions for non-compliance with the AML/CFT Act.
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