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Seychelles Know Your Customer Regulations: A Guide to Compliance
Introduction
In order to comply with the Anti-Money Laundering and Countering the Financing of Terrorism Act 2020, Beneficial Ownership Act 2020, and subsequent amendments and regulations in Seychelles, corporate clients are required to complete a know-your-customer (KYC) form.
What is the KYC Form?
The KYC form is designed to gather information about the client’s identification, beneficial ownership, and source of wealth/income. It requires corporate clients to provide detailed information about their company, including its registered name, previous names, trading as, registration/incorporation number, date of registration/incorporation, country of registration/incorporation, type of legal person, nature of business, structure of the legal person, and authorized signatories.
What Information is Required?
The form also requires the identification of directors, principal shareholders, beneficial owners, and nominees, including their name, address, date of birth, and nationality. In addition, corporate clients must provide information about their source of wealth/income, estimated global net value, and declaration that the funds utilized to transact with MUA Seychelles are not the proceeds of money laundering, terrorist activities or any other illegal or criminal activities.
Declaration and Supporting Documents
The KYC form includes a customer’s declaration section, which requires corporate clients to certify that the information provided is true and correct, and that they have not withheld any material information relating to their financial dealings with MUA Seychelles. Corporate clients are also required to undertake to promptly inform MUA Seychelles of any material change in the information provided.
To complete the KYC form, corporate clients must provide supporting documents, including:
- A certificate of incorporation/registration
- Commercial/business license
- Articles of association (if applicable)
- Proof of address
- Proof of identity for all directors, shareholders, beneficial owners, and nominees
Consequences of Non-Compliance
Failure to comply with the Seychelles Know Your Customer regulations may result in severe penalties, including fines and even criminal prosecution. Therefore, it is essential that corporate clients take the necessary steps to ensure compliance with these regulations.
Official Use
Date: [Insert Date]
For Official Use:
- Date Received: [Insert Date]
- Checked By: [Insert Name]
- Signature of Officer: [Insert Signature]