r.13 Duties and responsibilities of compliance officer

Compliance officer shall also have the following responsibilities in the discharge of his or her duties under section 34(2) of the Act—
(a) identify, assess, advise on, monitor and report on the reporting entity’s compliance with regulatory requirements and the suitability of its internal procedures on an on-going basis to the Board or senior managers and to the respective supervisory authority upon request and if the compliance officer is the sole senior manager, the report shall be submitted to the respective supervisory authority;
(b) ensure that the reporting entity maintains a manual of compliance of the policies, procedures, and systems—
(i) with a compliance framework, which shall be submitted to the supervisory authority for review, upon request;
(ii) with all relevant anti-money laundering and countering the financing of terrorism legal and regulatory obligations of the reporting entity and the processes to allow the staff to report violations confidentially to the compliance officer; and
(iii) to identify the procedures to be followed when there have been breaches or suspected breaches of regulatory requirements or internal policies;
(c) compliance officer shall ensure the compliance by staff of the reporting entity with the provisions of the manual of compliance maintained under paragraph (b) and the non-compliance of the provisions of the manual shall be recorded, showing the nature, form and period of non-compliance and such noncompliance shall be made available to the on-site examiners of the respective supervisory authority, for examination;
(d) to develop a compliance culture—
(i) to ensure that all directors and relevant staff are familiar with the laws and regulations of the Seychelles to combat money laundering and terrorist financing activities, which includes an understanding of the relevant compliance policies, procedures and systems of the reporting entity as well and the compliance officer imparts awareness of the need for compliance, thereby developing within the reporting entity a robust compliance culture;

(ii) to monitor the developments and changes in the legislations, policies, standards and other guidelines issued by the international bodies in order to keep the reporting entity updated with the regulatory developments and changes in international requirements;
(e) to implement the training programme—
(i) for directors and relevant staff which includes the training programme on general anti-money laundering and countering the financing of terrorism awareness, client acceptance procedures, know your customer (KYC) procedures, remediation and suspicious activity reporting relevant to the reporting entity’s activities;
(ii) at least once in every year and whenever there are changes in the laws, regulations or international requirements to ensure that the directors and related staff are aware of the latest developments in the anti-money laundering and countering the financing of terrorism activities;
(iii) to undergo additional training, in order to enhance his or her professional skills, at least once in every year;
(f)

to perform review of the compliance framework and make regular assessment reports to the senior management, identify the deficiencies and making recommendations for any updates or revisions;

(g) reporting entities who have not more than five staff members shall conduct selfassessment of their compliance framework and institute any necessary updates or revisions and make available the self-assessment report to the respective supervisory authority, upon request;
(h) to ensure the preparation and submission of an annual compliance report to the supervisory authority for information within 90 days after each calendar year.
(Amended by S.I 67 of 2024)