All provisions · AML/CFT Act (Cap. 251) · Part Vi: Preventive measures
34 Obligation to appoint compliance officer
(1) Every reporting entity shall appoint a compliance officer within 30 days from the date of coming into force of this Act or commencement of its operations, who shall be responsible, for ensuring the compliance with the provisions of this Act, with the approval of the respective supervisory authority.
(2) The compliance officer appointed under subsection (1) shall—
(a) be a senior official at management level or employee with such qualifications and experience as may be prescribed and shall be able to respond adequately to the enquiries relating to the reporting entity and conduct of its business;
(b) be a resident in Seychelles;
(c) be responsible for the implementation and on-going compliance of the reporting entity’s internal programmes, controls and procedures in relation to its business with the requirements of this Act;
(d) be responsible for ensuring that the staff of the reporting entity comply with the provisions of this Act and any other law relating to money laundering and terrorist financing activities;
(e) be familiar with the provisions of the guidelines that may be issued by the FIU and the relevant supervisory authority;
(f) have unrestricted access on demand to all books, records and employees of the reporting entity as may be necessary to fulfil his or her responsibilities;
(g) receive and review reports of suspicious transactions, or suspicious activities made by the staff of the reporting entity and, if sufficient basis exists, report the same to the FIU in accordance with the Act;
and
(h) act as liaison officer between the reporting entity, the supervisory authority, and the FIU in the matters relating to money laundering, and terrorist financing activities and for compliance with the provisions of this Act.
(3) The reporting entity shall appoint a senior official at management level or employee with the same qualifications prescribed for the compliance officer, as an alternate compliance officer, with the approval of the supervisory authority to act in the absence of a compliance officer. (Amended by Act 62 of 2021)
(4) A reporting entity which fails or neglects to appoint a compliance officer under subsection (1) or an alternate compliance officer under subsection
(3) within a period of 30 days from the date of coming into force of this Act, or
commencement of its operations, commits an offence, and is liable on conviction to a fine not exceeding SCR200,000. (Amended by Act 62 of 2021)
(2) The compliance officer appointed under subsection (1) shall—
(a) be a senior official at management level or employee with such qualifications and experience as may be prescribed and shall be able to respond adequately to the enquiries relating to the reporting entity and conduct of its business;
(b) be a resident in Seychelles;
(c) be responsible for the implementation and on-going compliance of the reporting entity’s internal programmes, controls and procedures in relation to its business with the requirements of this Act;
(d) be responsible for ensuring that the staff of the reporting entity comply with the provisions of this Act and any other law relating to money laundering and terrorist financing activities;
(e) be familiar with the provisions of the guidelines that may be issued by the FIU and the relevant supervisory authority;
(f) have unrestricted access on demand to all books, records and employees of the reporting entity as may be necessary to fulfil his or her responsibilities;
(g) receive and review reports of suspicious transactions, or suspicious activities made by the staff of the reporting entity and, if sufficient basis exists, report the same to the FIU in accordance with the Act;
and
(h) act as liaison officer between the reporting entity, the supervisory authority, and the FIU in the matters relating to money laundering, and terrorist financing activities and for compliance with the provisions of this Act.
(3) The reporting entity shall appoint a senior official at management level or employee with the same qualifications prescribed for the compliance officer, as an alternate compliance officer, with the approval of the supervisory authority to act in the absence of a compliance officer. (Amended by Act 62 of 2021)
(4) A reporting entity which fails or neglects to appoint a compliance officer under subsection (1) or an alternate compliance officer under subsection
(3) within a period of 30 days from the date of coming into force of this Act, or
commencement of its operations, commits an offence, and is liable on conviction to a fine not exceeding SCR200,000. (Amended by Act 62 of 2021)
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)
