APPOINTMENT OF COMPLIANCE OFFICER
Every reporting entity shall appoint a compliance officer within 30 days of commencement of its operations, who shall be responsible, for ensuring the compliance with the provisions of this Act, with the approval of the respective supervisory authority.
The compliance officer shall —
- Be a senior official at management level or employee with such qualifications and experience as may be prescribed and shall be able to respond adequately to the enquiries relating to the reporting entity and conduct of its business;
- Be a resident in Seychelles;
- Be responsible for the implementation and on-going compliance of the reporting entity’s internal programmes, controls and procedures in relation to its business with the requirements of this Act
- Be responsible for ensuring that the staff of the reporting entity comply with the provisions of this Act and any other law relating to money laundering and terrorist financing activities
- Be familiar with the provisions of the guidelines that may be issued by the FIU and the relevant supervisory authority
- Have unrestricted access on demand to all books, records and employees of the reporting entity as may be necessary to fulfil his or her responsibilities
- Receive and review reports of suspicious transactions, or suspicious activities made by the staff of the reporting entity and, if sufficient basis exists, report the same to the FIU in accordance with the Act
- Act as liaison officer between the reporting entity, the supervisory authority, and the FIU in the matters relating to money laundering,and terrorist financing activities and for compliance with the provisions of this Act
The reporting entity shall appoint a senior official at the management level as an alternate compliance officer, with the approval of the supervisory authority to act in the absence of a compliance officer.
Download the Compliance Officer and Alternate Compliance Officer Application Form
Download Compliance Officer and Alternate Compliance Officer Application form
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1. Central Bank of Seychelles:
In addition to the requirements under section 34 (2) of the Anti-Money Laundering the Countering the Financing of Terrorism Act, 2020, reporting entities under the regulatory ambit and licensed by the Central Bank of Seychelles specified in Part A of the First Schedule to the Act, shall appoint compliance officer and alternative compliance officer —
(a) in respect of Banks, Housing Finance Companies, Development Bank of Seychelles, Seychelles Credit Union, Class A Bureau de Change’s and Payment System Provider’s having the following qualifications etc., —
- at least 3 years’ experience in compliance, anti- money laundering, risk management function or any other related field deemed suitable by the respective supervisory authority;
- knowledge of relevant legal requirements and controls
- familiarity with industry practices and professional standards
- integrity and professional ethics;
- BSc or BA in law, accounting, finance, business administration or a related field; or
- Professional certification (e.g., Certified Anti- Money Laundering Specialist (CAMS) or International Compliance Association (ICA) Certification in Anti-Money Laundering).
(b) in respect of Class-B BDCs, having the following qualifications etc., —
- knowledge of relevant legal requirements and controls;
- familiarity with industry practices and professional standards;
- integrity and professional ethics; and
- certificate of participation in the training on anti- money laundering and countering the financing of terrorism matters.
In addition to the requirements under section 34 (2) of the Anti-Money Laundering the Countering the Financing of Terrorism Act, 2020, reporting entities under the regulatory ambit and licensed by the Central Bank of Seychelles specified in Part A of the First Schedule to the Act, shall appoint compliance officer and alternative compliance officer —
(a) In respect of Banks, Housing Finance Companies, Development Bank of Seychelles, Seychelles Credit Union, Class A Bureau de Change's and Payment System Provider's having the following qualifications etc., —
- At least 3 years' experience in compliance, anti- money laundering, risk management function or any other related field deemed suitable by the respective supervisory authority
- Knowledge of relevant legal requirements and controls
- Familiarity With Industry Practices And Professional Standards
- Integrity And Professional Ethics
- BSc Or BA In Law, Accounting, Finance, Business Administration Or A Related Field Or
- Professional Certification (E.G., Certified Anti- Money Laundering Specialist (CAMS) Or International Compliance Association (ICA) Certification In Anti-Money Laundering)
(b) in respect of Class-B BDCs, having the following qualifications etc., —
- Knowledge of relevant legal requirements and controls
- Familiarity With Industry Practices And Professional Standards
- Integrity And Professional Ethics and
- Certificate Of Participation In The Training On Anti- Money Laundering And Countering The Financing Of Terrorism Matters.
In addition to the requirements under section 34 (2) of the Anti-Money Laundering the Countering the Financing of Terrorism Act, 2020, reporting entities specified in Part C of the First Schedule to the Act (except entities at serial numbers 7 and 8), shall be supervised by the Financial Intelligence Unit and shall appoint compliance officers with the following requirements—
- Knowledge of relevant legal requirements and controls
- Familiarity With Industry Practices And Professional Standards
- Liaison functionality
- Awareness relative to integrity and professional ethics; and
- Aptitude to participate and realise anti-money laundering and countering the financing of terrorism training provided by or on behalf of the FIU
2. Financial Intelligence Unit
In addition to the requirements under section 34 (2) of the Anti-Money Laundering the Countering the Financing of Terrorism Act, 2020, reporting entities specified in Part C of the First Schedule to the Act (except entities at serial numbers 7 and 8), shall be supervised by the Financial Intelligence Unit and shall appoint compliance officers with the following requirements—
- knowledge of relevant legal requirements and controls (e.g., Anti-Money Laundering, Beneficial Ownership and other relevant laws);
- familiarity with industry practices and professional standards
- liaison functionality;
- awareness relative to integrity and professional ethics; and
- aptitude to participate and realise anti-money laundering and countering the financing of terrorism training provided by or on behalf of the FIU.
In addition to the requirements under section 34 (2) of the Anti-Money Laundering and Countering the Financing of Terrorism Act, 2020, reporting entities under the regulatory ambit of the Financial Services Authority specified in Part B of the First Schedule and entities at serial numbers 7 and 8 of Part C of the First Schedule to the Act, shall appoint compliance officers —
(a) In respect of all reporting entities (except Brokers and Agents) having the following qualifications etc., —
- At least 2 years' experience in anti-money laundering or compliance related functions in the last 4 years immediately prior to the date of the application
- Knowledge of relevant legal requirements and controls (e.g., Anti-Money Laundering, Beneficial Ownership and other relevant laws)
- Familiarity With Industry Practices And Professional Standards
- Awareness relative to integrity and professional ethics
- Liaison functionality and
- BSc or BA in law, accounting, finance, business administration or a related field deemed suitable to the Financial Services Authority or a professional certification at Diploma level (or equivalent) in Compliance or anti-money laundering from an internationally accredited institution. (e.g., Certified Anti-Money Laundering Specialist (CAMS) or International Compliance Association (ICA) Certification in Anti-Money Laundering)
(b) in respect of Brokers and Agents, having the following qualifications etc., —
- At least 2 years' experience in anti-money laundering or compliance related functions in the last 4 years immediately prior to the date of the application
- Knowledge of relevant legal requirements and controls
- Familiarity With Industry Practices And Professional Standards
- Awareness relative to integrity and professional ethics
- Liaison functionality and
- Professional certification at Advanced Certificate level (or equivalent) in Compliance or anti-money laundering from an internationally accredited institution. (e.g., Certified Anti-Money Laundering Specialist (CAMS) or International Compliance Association (ICA) Certification in Anti-Money Laundering)
