Seychelles Financial Institutions Must Comply with Strict Regulations

Appointment of Compliance Officers

As of 30 days from the commencement of operations, every reporting entity in Seychelles is required to appoint a compliance officer. This compliance officer will be responsible for ensuring that the institution adheres to the provisions of the Anti-Money Laundering and Countering the Financing of Terrorism Act, 2020.

Qualifications and Experience

The compliance officer must possess specific qualifications and experience, including:

• At least three years’ experience in anti-money laundering, risk management, or a related field
• Knowledge of relevant legal requirements and controls
• Familiarity with industry practices and professional standards
• Integrity and professional ethics

Additionally, the compliance officer must be able to:

• Respond adequately to enquiries relating to the reporting entity and conduct of its business
• Conduct regular reviews of internal programmes, controls, and procedures
• Ensure staff comply with anti-money laundering and terrorist financing activities laws
• Have unrestricted access to all books, records, and employees
• Receive and review reports of suspicious transactions
• Act as a liaison officer between the reporting entity, supervisory authority, and Financial Intelligence Unit

Reporting Entities under Central Bank Regulation

Reporting entities under the regulatory ambit of the Central Bank of Seychelles must appoint compliance officers with slightly different requirements, including:

• At least two years’ experience in anti-money laundering or compliance-related functions
• Knowledge of relevant legal requirements and controls
• Familiarity with industry practices and professional standards
• Awareness relative to integrity and professional ethics
• A Bachelor’s degree in law, accounting, finance, business administration, or a related field

Reporting Entities under Financial Services Authority Regulation

Reporting entities under the regulatory ambit of the Financial Services Authority must appoint compliance officers with similar qualifications and experience. However, brokers and agents require slightly different requirements, including:

• At least two years’ experience in anti-money laundering or compliance-related functions
• Knowledge of relevant legal requirements and controls
• Familiarity with industry practices and professional standards
• Awareness relative to integrity and professional ethics
• A professional certification at Diploma level (or equivalent) in Compliance or anti-money laundering

Financial Intelligence Unit Regulation

The Financial Intelligence Unit is responsible for supervising reporting entities specified in Part C of the First Schedule to the Act. These institutions must appoint compliance officers with specific requirements, including:

• Knowledge of relevant legal requirements and controls
• Familiarity with industry practices and professional standards
• Liaison functionality
• Awareness relative to integrity and professional ethics
• Aptitude to participate and realize anti-money laundering and countering the financing of terrorism training provided by or on behalf of the FIU

Failure to Comply

Failure to comply with these regulations can result in severe penalties, including fines and imprisonment. It is essential for reporting entities to take compliance seriously and ensure that their appointed compliance officers meet the necessary requirements.