Regulatory Alerts2024-01-01
Circular No. 1 of 2024 FATF Statements on High Risk Jurisdictions
The Financial Services Authority of Seychelles directs all reporting entities to apply enhanced due diligence and countermeasures in accordance with the Financial Action Task Force’s February 2024 decisions on high-risk and monitored jurisdictions. The circular updates the lists of jurisdictions subject to countermeasures and increased monitoring, explicitly adding Kenya and Namibia while removing Barbados, Gibraltar, Uganda, and the United Arab Emirates. Reporting entities must continuously monitor FATF publications, adjust their risk-based assessments and correspondent relationships accordingly, and face enforcement actions for non-compliance with the AML/CFT Act and Regulations.
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