The AML – CFT Framework

With the enactment of the Anti-Money Laundering and Countering the Financing of Terrorism Act, 2020 (“AML/CFT Act”), the FSA assumed responsibility for AML/CFT Supervisor for the existing sectors it was hitherto supervising and regulating from a prudential supervisory standpoint only under the relevant regulatory legislations.

 

The regulated Sectors for which the FSA assumed the role of AML/CFT supervisor in 2020 in addition to its prudential supervision responsibilities are:

  • The Fiduciary Sector (Trusts and Company Service Providers);
  • The Insurance Sector (Insurance Companies and Intermediaries);
  • The Capital Markets Sector (Securities Act licensees); and
  • The Gambling Sector (Gambling licensees)

Similar to its prudential supervisory activities, the FSA adopts a risk-based approach concept to AML/CFT supervision.

 

The FSA is committed to, at all times, ensuring that it maintains an effective and up-to-date legal and supervisory AML/CFT framework in line with the Financial Action Task Force (“FATF”) Recommendations which deters the misuse of its financial services products, licensees and regulated environment for the conduct of illicit activities.

 

This framework is also considered an essential building block in the FSA’s endeavor to achieving its overarching goals of safeguarding the integrity and overall attractiveness of the Seychelles non-bank financial services jurisdiction. 

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