Financial Crime World

Strengthening Cooperation on Financial Crimes: Seychelles Financial Services Authority Introduces New Regulations

The Seychelles Financial Services Authority (FSA) has recently introduced new regulations aimed at enhancing its ability to work with foreign regulatory bodies in the fight against financial crimes. The new rules empower the FSA to request assistance from foreign regulators and share information and documents, subject to certain conditions.

Enhanced Cooperation through Information Sharing

Under the new regulations, the FSA can request assistance from foreign regulators in investigating suspected financial crimes such as:

  • Money laundering
  • Terrorism financing
  • Market misconduct

The authority can also share relevant and necessary information with foreign regulators, while maintaining confidentiality and protecting sensitive information.

Strengthening Systems and Controls

To facilitate cooperation, licensees are required to establish and maintain adequate systems and controls for ensuring compliance with financial services legislation and regulatory requirements. This includes:

  • Appointing a compliance officer approved by the FSA
  • Overseeing compliance with regulatory obligations

The new regulations aim to enhance the FSA’s ability to combat financial crimes and protect the integrity of the financial system.

Commitment to International Cooperation

“We are committed to maintaining a robust and effective regulatory framework that ensures the safety and soundness of the financial system,” said [Name], CEO of the FSA. “Our new regulations demonstrate our commitment to cooperation and collaboration with foreign regulators, and we believe they will help us to better protect the financial interests of our citizens and maintain the integrity of our financial system.”

Conclusion

The Seychelles Financial Services Authority’s new regulations mark a significant step towards strengthening cooperation on financial crimes. By sharing information and best practices with foreign regulatory bodies, the FSA aims to combat financial crimes and protect the integrity of the financial system.