VA REPORTING
FAQs
How can we help?
- What does the enactment of the Virtual Asset Service Providers Act 2024 mean in the context of Seychelles?
The enactment of the Virtual Asset Service Providers Act 2024 means that if you are conducting one or more of the following activities—being a Virtual Asset Wallet provider, Virtual Asset Exchange, Virtual Asset Broking, or Virtual Asset Investment Provider in and from the Seychelles—you will need to obtain a license.im
If you are an issuer of initial coin offerings or non-fungible tokens, you will need to be registered and obtain approval for the registration of a scheme involving an initial coin offering.
Where do I go to obtain the necessary license, registration, and approval?
The regulatory authority for virtual asset providers and for registration of initial coin offerings and non-fungible tokens in Seychelles is the Financial Services Authority (FSA).
Do I have to obtain the necessary licensing and registration immediately?
No, you will have until December 2024 to complete the necessary formalities. Contact the FSA to obtain exact dates and guidance.
What regulatory framework applies to the VASPs?
The Virtual Asset Service Providers Act 2024, Anti Money Laundering and Countering the Financing of Terrorism Act 2020, the Financial Services Authority Act 2013, the Financial Consumer Protection Act, the International Business Companies Act 2016, and the Financial Consumer Protection Act 2022. It is important to review these legislations.
Can I, being a natural person, not part of a partnership or company, carry out the business of virtual assets?
No, a natural person shall not carry out or purport to carry, in or from Seychelles, the business of virtual assets.
Who are eligible to apply for a licence to operate as a virtual asset service provider in Seychelles?
- A company incorporated or registered under the Companies Act, 1972 (excluding an overseas company); or
- An international business company incorporated, continued, or converted under the International Business Companies Act, 2016.
Can I operate a mining facility, mixer, or tumbler service?
No, this is not permitted under the VASP Act 2024.
How can I get more information or assistance regarding the VASP Act 2024?
For detailed information or assistance regarding licensing, you may contact the Financial Services Authority (FSA) or visit their official website.
Being a reporting entity under the AML/CFT Act 2020, what does it mean?
This means that you must adhere to the Seychelles AML/CFT Act 2020 and its regulations, paying particular attention to Customer Due Diligence/KYC obligations, Suspicious Transaction Reporting, and Record Keeping obligations. It is important to review the VASP Act 2024 in conjunction with the AML/CFT Act 2020.
What is the role of the FIU when it comes to VASPs?
- To receive, analyze, and interpret reports of suspicious financial activities by the VASPs.
- To issue guidelines for the reporting of suspicious transactions to VASPs.
- To maintain a database of the reports, financial activities, currency transaction reports, cross-border reports, wire transfer reports, and other reports received from the VASPs.
How do I submit a virtual asset suspicious transaction report (STR)?
To submit a virtual asset STR you will need to log on to our goAML platform, follow this link for instructions https://goaml.fiu.sc/goAML_VA_TEST/Home.
Do I need to register with the FIU to submit the STRs?
Yes. The steps for registration are laid out in the Guidelines for Registration with FIU.
Who should submit the STRs in relation to VASP?
Registered VASPs or VASPs operating in and from Seychelles. The obligation applies whether the VASPs are licensed or unlicensed.
Are there other reports that a VASP needs to submit to the FIU?
Yes, threshold reports.
What is the threshold for VASP and how and when do I submit the threshold report?
All virtual asset service providers shall report all transfers in virtual assets in the equivalent amount of SCR 50,000 or more. The reporting entity should send it to the FIU every business day by midnight (00:00 hrs) Seychelles time.
Are VASPs required to have a compliance officer?
Yes. A compliance officer and an alternate officer. VASPs are required to appoint an alternate officer despite having fewer than five (5) staff.
How long must VASPs retain records?
A minimum period of 7 years from the date:
- On which evidence of a person’s identity is obtained.
- Of any transaction or correspondence relating to a customer; or
- On which the business relationship ceases.
What are the reporting obligations of VASPs as a Reporting Entity?
VASPs must report suspicious transactions, threshold transactions, and maintain comprehensive records of all transactions and customer identifications as required by the AML/CFT Act and Regulations and FIU guidelines.
How frequently must VASPs submit threshold reports to the FIU?
Threshold reports must be submitted to the FIU every business day by midnight (00:00 hrs) Seychelles time, detailing all transfers in virtual assets equivalent to SCR 50,000 or more.
What is the process for VASPs to register with the FIU?
VASPs must follow the steps outlined in the Guidelines for Registration with the FIU, which typically include providing specific documentation and details about the business and its compliance measures.
Are there specific training requirements for compliance officers of VASPs as per FIU regulations?
Yes, compliance officers and their alternates must undergo regular training to stay updated on AML/CFT regulations and reporting procedures as mandated by the FIU.
How does the FIU handle reports submitted by VASPs?
The FIU analyzes and interprets the reports of suspicious financial activities, maintains a database of these reports, and takes appropriate action as required under the AML/CFT regulations.
What are the consequences for VASPs if they fail to comply with FIU reporting requirements?
Non-compliance with FIU reporting requirements can result in penalties, including fines, legal actions, and potential revocation of licenses.
How can VASPs stay updated on changes to FIU regulations and reporting requirements?
VASPs should regularly check the FIU’s official website, subscribe to newsletters, and attend industry workshops and training sessions organized by the FIU.
Are there any specific software or tools recommended by the FIU for STR submission and compliance monitoring?
The FIU may recommend or require the use of specific software tools for STR submission and compliance monitoring. Details can be obtained directly from the FIU.
How does the FIU ensure the confidentiality and security of the reports submitted by VASPs?
The FIU implements strict confidentiality and data security measures to protect the information contained in the reports submitted by VASPs, ensuring it is only used for regulatory and enforcement purposes.