Regulatory Alerts2024-01-01
Circular No. 9 of 2024 - FATF Statements on High Risk Jurisdictions
The Financial Services Authority of Seychelles issued Circular No. 9 of 2024 to require reporting entities to apply enhanced due diligence and countermeasures for high-risk jurisdictions, specifically emphasizing renewed enforcement against the Democratic People’s Republic of Korea and Iran. Aligning with the Financial Action Task Force’s October 2024 plenary decisions, the circular adds Algeria, Angola, Côte d’Ivoire, and Lebanon to the increased monitoring list while removing Senegal and keeping Myanmar under a call for action pending progress by February 2025. Reporting entities must continuously track FATF updates, strengthen controls over correspondent relationships and opaque ownership structures, and comply with Section 41(3) of the AML/CFT Act to avoid regulatory enforcement.