Regulatory Alerts2023-01-01
Circular No. 7 of 2023 - Sanctioned Countries
The Seychelles Financial Services Authority issued Circular No. 7 of 2023 to require reporting entities to apply enhanced due diligence and ongoing monitoring when transacting with high-risk jurisdictions, particularly the Democratic People’s Republic of Korea. Entities must continuously cross-verify their records against the United Nations Security Council sanctions list and implement risk-sensitive countermeasures to mitigate money laundering, terrorist financing, and proliferation risks. To enforce compliance, the Authority has strengthened its supervisory activities to prevent the national financial sector from being used to circumvent international sanctions.
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