Regulatory Alerts2023-01-01
Circular No. 6 of 2023 – FATF Statements on High-Risk Jurisdictions
The Seychelles Financial Services Authority issued Circular No. 6 of 2023 to direct reporting entities to apply enhanced due diligence and ongoing monitoring for business relationships with FATF-designated high-risk jurisdictions and countries under increased monitoring. Reporting entities must continuously consult official FATF publications, strengthen internal controls against money laundering and terrorist financing risks, ensure correspondent banking arrangements comply with international countermeasures, and update risk assessments to reflect newly monitored jurisdictions such as Cameroon, Croatia, and Vietnam. Non-compliance with these statutory requirements under the AML/CFT Act will trigger FSA enforcement actions to safeguard Seychelles’ financial system integrity.