AML/CFT Act and Regulations
The Seychelles Anti-Money Laundering and Countering the Financing of Terrorism Act and its Regulations, section by section: customer due diligence, verification of identity, beneficial owners, records. This is the law behind every KYC request of a registered agent.
International Business Companies Act
AML/CFT Act (Cap. 251)
Part I: Preliminary
1Short title 2InterpretationPart Ii: Offence of money laundering and related offences
3Offence of money laundering 4Acquisition, use or possession of proceeds of crime 5Cash transaction and wire transfer threshold reportingPart Iii: National anti-money laundering and countering the financing of terrorism committee
6National Anti-Money Laundering and Countering the Financing of Terrorism Committee 7Functions of Committee 8Functions of Secretariat 9Meetings and procedures of CommitteePart Iv: Financial intelligence unit
10Establishment of Financial Intelligence Unit 11Governance of FIU 12Objectives of FIU 13Powers and functions of FIU 14Appointment of Director 15Appointment of Deputy Director 16Responsibilities of Director 17Delegation of powers by Director 18When Deputy Director may act 19Appointment of staff 20Oath of confidentiality 21Constitution of funds 22Annual estimates 23Financial year, accounts and audit 24Annual Report 25Removal of Director or Deputy Director from office 26Resignation of Director or Deputy DirectorPart V: Functions of fiu
27Functions and duties of FIU 28Access to information and analysis function 29Cooperation with foreign counterpart agenciesPart Vi: Preventive measures
30Result of national risk assessment 30ADesignation of Non-Profit Organisations 31Obligation to register with FIU 32Obligation to identify and assess money laundering and terrorist financing risks 33Obligation to establish and maintain internal control systems and procedures 34Obligation to appoint compliance officer 35Obligation to apply customer due diligence measures 36Politically exposed persons 37Correspondent banking relationship 38Shell Banks 39Timing of customer due diligence 40Simplified customer due diligence 41Enhanced due diligence 42Reliance on regulated persons 43Obligation to cease transaction 44Obligation to maintain accounts in true name 45Obligation to record and retain identification details in wire transfers 45ARetention of records 45BObligations of an originating virtual asset service provider 45CObligations of a beneficiary virtual assets service provider 45DBatch file virtual asset transfers 45EStraight-through processing of transfers of virtual assets 45FMonitoring transfers which may lack information 45GTechnical limitations related to transfers of virtual assets 46Obligation to monitor customer activities and transactions 47Obligation to maintain records 48Obligation to report suspicious activities 49Application of customer due diligence measures 50Tipping off 51Misrepresentation 52Malicious reporting 53Secrecy obligation overridden 53AOverriding of confidentiality 54Protection of information and informantsPart Vii: Supervision and enforcement of compliance
55Responsibility for supervision 56Written memorandum of understanding amongst supervisory authorities 57Powers of supervisory authorities 58Monitoring of reporting entities 59Reporting obligations of a supervisory authority and its staff 60Administrative sanctions 61Appeals Board 62AppealsPart Viii: Investigation
63Investigation powers 63AWritten memorandum of understanding between FIU and law enforcement agencies 64Obtaining information etc. 65Search warrant 66Production order 67Power to arrestPart Ix: Restraint, seizure and forfeiture
68Circumstances in which court may make restraint order 69Restraint order 69AEx-Parte Restraint Order 70Notice of restraint order to be given to Registrar General 71Immunity of Receiver 72Restraint order when company is in liquidation 73Effect of restraint order 74Search and seizure of cash 75Declaration of cash 76Court proceedings for forfeiture of cash seized 77Deposit of cash seizedPart X: Pecuniary penalty order
78Pecuniary penalty order 79Calculation of benefit from criminal conduct 80Pecuniary penalty order to be confined to realisable amount 81Revision of pecuniary penalty order 82Further determination leading to increased pecuniary penalty order 83Procedure for filing statements to assist court in calculating the benefit from criminal conduct 84Matters to be taken into account in determining the level of a pecuniary penalty order 85Making pecuniary penalty order where the accused has died or absconded 86Appeals and compensation 87Reduction in amount of pecuniary penalty order when realisable property is inadequate 88Increase in amount of pecuniary penalty order when the value of realisable property increases 89Enforcement of pecuniary penalty order 90Appointment of receiver for enforcement of pecuniary penalty order 91Interest on unpaid sums 92Disposal of proceeds of pecuniary penalty order (Repealed by Act 62 of 2021)Part Xii: Miscellaneous provisions
95Amendments to First Schedule 96Amendments to Second Schedule 97Regulations 98Protection of action taken in good faith 99Sharing of information with Seychelles Revenue Commission 100Repeal and savingsSchedules
S1Schedule 1: Reporting entities (Sections 2,27,28,55 and 95) S2Schedule 2: List of supervisory authorities (Sections 2, 55 and 96) S3Schedule 3: Reporting thresholds (Section 5) S4Schedule 4: Conduct of business and affairs of the Committee (Section 9) S5Schedule 5: Confidentiality undertaking (Section 20) S6Schedule 6: Threshold for customer due diligence [Section 49]AML/CFT Regulations 2020
Part I: Preliminary
r.1Citation r.2InterpretationPart Ii: National anti-money laundering and countering the financing of terrorism committee and the technical committee
r.3National Anti-Money Laundering and Countering the Financing of Terrorism Committee r.4Technical CommitteePart Iii: Terms and conditions of service of director and deputy director of the fiu
r.5Term of office, terms and conditions, salary and allowances of Director of r.6Term of office, terms and conditions, salary and allowances of Deputy Director of FIUPart Iv: Registration of the reporting entities with the fiu
r.7Obligation of reporting entities to register with FIUPart V: Appointment of compliance officer and alternative compliance officer
r.8Appointment of compliance officer and alternative compliance officer r.9Time frame for approval of applications r.10Suspension or withdrawal of appointment r.11Fitness and proprietary r.12Independent decisions by compliance officer r.13Duties and responsibilities of compliance officer r.14Assumption of functions by an alternative compliance officerPart Vi: Customer due diligence, submission of records on cessation, suspicious transaction report
r.15Simplified customer due diligence r.16Enhanced customer due diligence r.16ARetention of identification details in wire transfers r.17Suspicious transaction report r.18Submission of records to the supervisory authority in case of cessation of the reporting entityPart Vii: Appeals board
r.19Terms and conditions for appointment of Members of Appeals Board r.20Form, manner and fee for filing an appeal before the Appeals BoardPart Viii: Appointment of examiners
r.21Appointment of examinersPart Ix: Information on search and seizure
r.22Information to be furnished to the FIU in case of search and seizure and cash declaration FormPart X: Miscellaneous
r.23Repeal r.24Transitional provisionSchedules
RS1Schedule 1: Requirements for appointment of compliance officer and alternative compliance officer (Regulations 8(1) RS2Schedule 2: Form for memorandum of appeal before the Appeals Board (Regulation 20(1)Official source
Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251), Act 5 of 2020, Revised Edition as at 17 January 2025 (Acts 5 of 2020, 7 of 2021, 8 of 2021, 62 of 2021, 9 of 2022, 12 of 2024, S.I. 145 of 2020)
Anti-Money Laundering and Countering the Financing of Terrorism Regulations, 2020 (S.I. 108 of 2020), Revised Edition as at 17 January 2025 (S.I.s 108 of 2020, 139 of 2020, 156 of 2020, 6 of 2022, 67 of 2024)
