THRESHOLD REPORTING
A Threshold Report is a report that Reporting Entities (REs) are required to file with the Financial Intelligence Unit (“FIU”) for executing cash transactions or wire transfers above the prescribed threshold limit.
The threshold reporting obligation is clearly defined in Anti-Money Laundering and Countering the Financing of Terrorism Act, 2020 (“AML/ CFT Act 2020”), Section 5 of the AML/ CFT Act creates the obligation on reporting entities to file Cash Transaction Threshold Reporting (“CTTR”) and Wire Transfer Transaction Reporting (“WTTR”) with the FIU in the manner prescribed by the FIU.
The threshold reporting consists of two types of reports:
- Cash Transaction Threshold Report (“CTTR”)
- Wire Transfer Threshold Report (“WTTR”)The guidelines (links to guidelines page) issued by the FIU provides guidance to REs on their obligation and the manner by they are required to submit threshold reports.
The guidelines issued by the FIU provides guidance to REs on their obligation and the manner by they are required to submit threshold reports.
Threshold Reporting forms
Threshold Reporting Exemption Form
- 1 file(s)
- 66 KB
CTTR Form Banks
- 1 file(s)
- 66 KB
CTTR Form BDC (Class A) Remittance
- 1 file(s)
- 66 KB
CTTR Form Forex Purchase or Sale
- 1 file(s)
- 68 KB
CTTR Form Gambling
- 1 file(s)
- 44 KB
CTTR Form High Value Dealers
- 1 file(s)
- 56 KB
CTTR Form MVD
- 1 file(s)
- 56 KB
CTTR Form Other DNFBPs
- 1 file(s)
- 44 KB
CTTR Form REA
- 1 file(s)
- 55 KB
Definition of terms used in the CTTR WTTR Forms
- 1 file(s)
- 515 KB
WTTR Form Banks
- 1 file(s)
- 61 KB
Every reporting entity shall report each transaction that is carried out by or through it involving cash transaction of SCR 50,000 or more or the equivalent money in the currency of other countries.
Every reporting entity shall report each wire transfer that is executed of SCR50,000 or more or the equivalent money in the currency of other countries.
All licensees within the gambling sector shall report all transactions of its customers involving SCR20,000 or more.
Every Bureau de Change shall report all transactions of its customers involving SCR 50,000 or more or the equivalent money in the currency of other countries.
Other Reporting Obligations
The Act also makes provision for incoming and outgoing cross-border cash declaration for any person travelling in and out of the country. As per Section 75 (1) of the AML/CFT Act, any person who physically transports, mails or ships or causes to be physically transported, mailed or shipped, to or from Seychelles, cash in an aggregate sum of SCR50,000, shall declare the particulars of the currency to the Customs Department in the manner and in such form as may be prescribed by regulations and the declaration form so submitted shall be provided to the FIU by the Customs Department.
Definition of terms used in the CTTR & WTTR Forms
Field Name Description
Field Name Description
Amount Received
The nominal value of cash received
Applicable Exchange Rate
The foreign exchange conversion rate applicable at the time of transaction
Beneficiary Address
The current address of the natural person or legal entity receiving the cash or wire transfer
Beneficiary Bank Account No.
The bank account number of the natural person or legal entity receiving the cash or wire transfer
Beneficiary Bank Name
The name of the bank receiving the wire transfer
Beneficiary Name
The full legal name of the natural person or legal entity who is at the receiving end of the transaction i.e. the person or entity holding the account where the money is going to
Branch Location/Code
The branch geographical location or the code unique to the branch where the transaction takes place
Country of Destination
The country where the Beneficiary account is being held
Date of Transaction
Date when the transaction takes place, (format
DD/MM/YYYY)
Equivalent SCR Amount
The nominal amount of the transaction converted to Seychelles Rupees (SCR)
Forex Currency
The type of forex currency (Select from the drop- down)
Natural Person Address
The current address of the Natural Person conducting the transaction.
Natural Person Bank Account No.
The Bank Account number of the natural person conducting the transaction on his/ her own behalf
Natural Person Conducting the Transaction
The person is an individual who is physically present at a reporting entity to conduct a transaction on his/ her own behalf or is otherwise authorized to conduct a transaction on behalf of a legal entity or another natural person
Natural Person Full Name
The name of the person conducting transaction, should be as featured on the identification document
Natural Person NIN/Passport No.
The NIN or passport No. identifying the Natural Person. The detail should be entered as featured on the identification document
On Behalf of Account
The bank account number of the person/entity on whose behalf the transaction is being conducted
On Behalf of Address
The current address of the natural person or legal entity on whose behalf the transaction is being conducted
On Behalf of Full Name
The full legal name of the natural person or legal entity on whose behalf the transaction is being conducted
On Behalf of Registration No.
Business Registration Number of the legal entity on whose behalf the transaction is being conducted
Parcel No.
The parcel number of the real estate property or the plot of land as registered with the Registrar
Payer Address
The current address of the payer
Payer Name
The name of the natural person or the legal entity paying for the transaction
Payer NIN/ Business Registration No.
The NIN or passport No. identifying the payer if the payer is a natural person or the Business Registration Number identifying the payer if the payer is a legal entity
Purchase Price of Real Estate Property (SCR)
The purchase price of the real estate property or the plot of land
Purchase Price of the Vehicle
The Purchase price of the Vehicle in SCR.
Purpose of Transaction
The reason why a transaction is being conducted
Transaction Reference
Reference of each transaction generated by the RE
Transaction Type
The type of transaction (Select from the drop-down)
Value in Forex Amount
The value of the currency in forex amount
Year, Make & Model of Vehicle
The year the vehicle was manufactured, the brand of the vehicle while the model refers to the name of a car product and sometimes a range of products.
For example, Toyota is a car make and Camry is a car model.