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Sanctions Screening in Seychelles: A Guide to Compliance

The Seychelles has a sanctions regime in place, requiring entities operating within its borders to adhere to United Nations (UN) sanctions as well as its own autonomous sanctions regimes. This guide will explore the nature of the sanctions regime in Seychelles and what it means for businesses operating in the country.

Understanding the Sanctions Regime

As a member of the UN, Seychelles is obligated to implement all UN Security Council resolutions, which includes imposing sanctions on designated individuals and entities. The most frequently applied measures are:

  • Arms embargoes
  • Export controls
  • Asset freezes and financial sanctions
  • Travel bans on named individuals

Regulatory Bodies

The Financial Services Authority (FSA) maintains an updated list of individuals and entities sanctioned by the UN, although it does not maintain a specific list of those sanctioned under Seychelles’ autonomous regime. Businesses operating in Seychelles are responsible for ensuring they do not engage with any sanctioned parties.

Other relevant regulators in Seychelles include:

  • Financial Intelligence Unit (FIU): responsible for ensuring compliance with anti-money laundering and counter-terrorism financing laws
  • Central Bank of Seychelles: regulates banking and bureaux de change related services

Compliance Requirements

For businesses operating in Seychelles, it is essential to have a robust sanctions screening process in place to avoid breaching UN or autonomous sanctions. Failure to comply can result in penalties under relevant legislation.

The FSA, FIU, and Central Bank all provide guidance on the sanctions regime and compliance requirements.

Getting in Touch

Businesses operating in Seychelles can contact: