All provisions · AML/CFT Act (Cap. 251) · Part Vi: Preventive measures
49 Application of customer due diligence measures
(1) A reporting entity shall apply customer due diligence measures when—
(a) establishing a business relationship;
(b) carrying out every one-off transaction;
(c) the reporting entity has doubts on the veracity or adequacy of documents, data or information obtained for the purpose of identification or verification of a customer; or
(d) there is reasonable suspicion of money laundering, terrorist financing activities or other criminal conduct.
(2) For the purposes of subsection (1)(b), “one-off transaction” means a transaction carried out other than as part of a business relationship that exceeds SCR50,000 in cash or through wire transfers or a virtual asset transfer that exceeds SCR 15,000 or equivalent in any currency, whether the transaction or transfer is carried out in a single operation or several operations which appear to be linked.
(Amended by Act 12 of 2024)
(3) Notwithstanding subsection (1), a reporting entity shall apply customer due diligence measures to existing customers at appropriate times on risk-sensitive basis.
(4) A reporting entity shall—
(a) determine the extent of customer due diligence measures on risksensitive basis or on the basis of national risk assessment carried out under section 30 depending on—
(i) the type of customer, business relationship, product or transaction; and
(ii) the guidelines issued by the FIU or Supervisory Authority; and
(b) be able to demonstrate to its supervisory authority that the extent of the measures is appropriate in view of the risks of money laundering, terrorist financing activities or other criminal conduct.
(5) The reporting entity shall keep records relating to customer due diligence, ongoing monitoring, the safeguards exercised before relying on regulated persons and the business or services carried out by or with a customer or on his behalf, for the period referred to in section 47 of this Act.
(6) The records kept under subsection (5) shall be made available on request to the respective supervisory authority and the FIU or the AttorneyGeneral or a prosecutor on behalf of Anti-Corruption Commission of Seychelles in the performance of their functions.
(7) Notwithstanding subsection (1), customer due diligence measures shall be undertaken against every customer of the gambling sector, if the money involved in the gambling exceeds the threshold specified in Schedule 6.
(a) establishing a business relationship;
(b) carrying out every one-off transaction;
(c) the reporting entity has doubts on the veracity or adequacy of documents, data or information obtained for the purpose of identification or verification of a customer; or
(d) there is reasonable suspicion of money laundering, terrorist financing activities or other criminal conduct.
(2) For the purposes of subsection (1)(b), “one-off transaction” means a transaction carried out other than as part of a business relationship that exceeds SCR50,000 in cash or through wire transfers or a virtual asset transfer that exceeds SCR 15,000 or equivalent in any currency, whether the transaction or transfer is carried out in a single operation or several operations which appear to be linked.
(Amended by Act 12 of 2024)
(3) Notwithstanding subsection (1), a reporting entity shall apply customer due diligence measures to existing customers at appropriate times on risk-sensitive basis.
(4) A reporting entity shall—
(a) determine the extent of customer due diligence measures on risksensitive basis or on the basis of national risk assessment carried out under section 30 depending on—
(i) the type of customer, business relationship, product or transaction; and
(ii) the guidelines issued by the FIU or Supervisory Authority; and
(b) be able to demonstrate to its supervisory authority that the extent of the measures is appropriate in view of the risks of money laundering, terrorist financing activities or other criminal conduct.
(5) The reporting entity shall keep records relating to customer due diligence, ongoing monitoring, the safeguards exercised before relying on regulated persons and the business or services carried out by or with a customer or on his behalf, for the period referred to in section 47 of this Act.
(6) The records kept under subsection (5) shall be made available on request to the respective supervisory authority and the FIU or the AttorneyGeneral or a prosecutor on behalf of Anti-Corruption Commission of Seychelles in the performance of their functions.
(7) Notwithstanding subsection (1), customer due diligence measures shall be undertaken against every customer of the gambling sector, if the money involved in the gambling exceeds the threshold specified in Schedule 6.
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)
