Seychelles continues to strengthen its anti-money laundering (AML) and countering the financing of terrorism (CFT) framework in line with international standards. Recent updates to the AML Act and associated regulations introduce enhanced obligations for businesses, particularly those in the financial services and corporate services sectors.
Key changes
- Enhanced due diligence: Expanded requirements for customer due diligence, including more detailed beneficial ownership verification for corporate clients.
- Risk assessments: All regulated entities must conduct and document business-wide AML/CFT risk assessments and update them regularly.
- Training requirements: Mandatory AML/CFT training for all staff, with records of training to be maintained and made available on request.
- Suspicious transaction reporting: Updated guidance on identifying and reporting suspicious transactions, including lower thresholds for certain transaction types.
Practical steps
We recommend that businesses review their existing AML/CFT policies and procedures against the updated requirements and identify any gaps. Key actions include updating risk assessments, reviewing customer files for completeness, and ensuring all staff have received current training.
Pool & Patel provides AML compliance advisory services, including policy reviews, risk assessments, and staff training. Please contact us to discuss your compliance needs.