RS1 Schedule 1: Requirements for appointment of compliance officer and alternative compliance officer (Regulations 8(1)

SPECIFIC REQUIREMENTS FOR APPOINTMENT OF COMPLIANCE OFFICER AND ALTERNATIVE COMPLIANCE OFFICER FOR DIFFERENT SUPERVISORY AUTHORITIES
1.

CENTRAL BANK OF SEYCHELLES:

In addition to the requirements under section 34(2) of the Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251), reporting entities under the regulatory ambit and licensed by the Central Bank of Seychelles specified in Part A of Schedule 1 to the Act, shall appoint compliance officer and alternative compliance officer—
(a) in respect of Banks, Housing Finance Companies, Development Bank of Seychelles, Seychelles Credit Union, Class A Bureau de Change’s and Payment System Provider’s having the following qualifications etc.—
(i) at least 1 year experience in compliance, anti-money laundering, risk management function or any other related field deemed suitable by the respective supervisory authority; (Amended by S.I. 139 of 2020)
(ii) knowledge of relevant legal requirements and controls;
(iii) familiarity with industry practices and professional standards;
(iv) integrity and professional ethics;
(v) BSc or BA in law, accounting, finance, business administration or a related field; or
(vi) Professional certification (e.g., Certified Anti-Money Laundering Specialist
(CAMS) or International Compliance Association (1CA) Certification in Anti-Money Laundering);
(b) in respect of Class-B BDCs, having the following qualifications, etc.—
(i) knowledge of relevant legal requirements and controls;
(ii) familiarity with industry practices and professional standards;
(iii) integrity and professional ethics; and
(iv) certificate of participation in the training on anti-money laundering and countering the financing of terrorism matters;
2.

FINANCIAL INTELLIGENCE UNIT:

In addition to the requirements under section 34(2) of the Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251), reporting entities specified in Part C of Schedule 1 to the Act (except entities at serial numbers 7 and 8), shall be supervised by the Financial Intelligence Unit and shall appoint compliance officers with the following requirements—
(a) knowledge of relevant legal requirements and controls (e.g., Anti-Money Laundering, Beneficial Ownership and other relevant laws);
(b) familiarity with industry practices and professional standards;

(c) liaison functionality;
(d) awareness relative to integrity and professional ethics; and
(e) aptitude to participate and realise anti-money laundering and countering the financing of terrorism training provided by or on behalf of the FIU.
3.

FINANCIAL SERVICES AUTHORITY:

In addition to the requirements under section 34(2) of the Anti-Money Laundering and Countering the Financing of Terrorism Act (Cap. 251), reporting entities under the regulatory ambit of the Financial Services Authority specified in Part B of Schedule 1 and entities at serial numbers 7 and 8 of Part C of Schedule 1 to the Act, shall appoint compliance officers—
(a) in respect of all reporting entities (except Brokers and Agents) having the following qualifications, etc.—
(i) at least 2 years’ experience in anti-money laundering or compliance related functions in the last 4 years immediately prior to the date of the application;
(ii) knowledge of relevant legal requirements and controls (e.g., Anti-Money Laundering, Beneficial Ownership and other relevant laws);
(iii) familiarity with industry practices and professional standards;
(iv) awareness relative to integrity and professional ethics;
(v) liaison functionality; and
(vi) BSc or BA in law, accounting, finance, business administration or a related field deemed suitable to the Financial Services Authority or a professional certification in Compliance or anti-money laundering from an internationally accredited institution, (e.g., Certified Anti-Money Laundering Specialist (CAMS) or International Compliance Association
(1CA) Certification in Anti-Money Laundering); (Amended by S.I. 139 of 2020)
(b) in respect of Brokers and Agents, having the following qualifications, etc.—
(i) at least 2 years’ experience in anti-money laundering or compliance related functions in the last 4 years immediately prior to the date of the application;
(ii) knowledge of relevant legal requirements and controls;
(iii) familiarity with industry practices and professional standards;
(iv) awareness relative to integrity and professional ethics;
(v) liaison functionality; and
(vi) professional certification in Compliance or anti-money laundering from an internationally accredited institution, (e.g., Certified Anti-Money Laundering Specialist (CAMS) or International Compliance Association
(1CA) Certification in Anti-Money Laundering). (Amended by S.I. 139 of 2020)

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