42 Reliance on regulated persons

(1) Reporting entities may rely on a regulated person including a foreign regulated person to apply customer due diligence measures in respect of a customer.
(2) Reporting entities may rely on the regulated person including a foreign regulated person, if—
(a) there is no reasonably determined and justified suspicion of money laundering or terrorist financing activities;
(b) information on the identity of each customer and beneficial owner and the purpose and intended nature of the business as per section 35 is provided immediately on opening of the account or commencement of the business relationship; and
(c) the reporting entity is satisfied that the regulated person shall—
(i) immediately provide it with the necessary information regarding the identification and independent verification of customer’s identity, beneficial owners and the purpose and intended nature of business relationship;
(ii) provide within 3 working days of the request, the copies of identification evidence and other documents relating to the obligation of due diligence;
(iii) be subject to requirements equivalent to those specified under this Act and in line with international standards and is

supervised for compliance with those requirements in a manner equivalent to those applicable in the Republic; and
(iv) not be prevented by professional privileges or any other restrictions to promptly share information on the customer identification and beneficial ownership information and documentation required.
(3) For the purposes of this section—
(a) “regulated person” means a third party having incorporated, registered or otherwise established in the Republic for providing the services to the regulated reporting entity for the verification, procurement of identity documents for compliance with the customer due diligence under this Act; and
(b) “foreign regulated person” means a third party—
(i) incorporated, registered or otherwise established, or having its principal place of business in a country outside the Republic;
(ii) carries on a business outside the Republic, which if carried on in Seychelles constitutes—
(A) a regulated business;
(B) the business of an independent legal professional; and
(C) the business of an external accountancy service or audit service;
(iii) in respect of the business referred to in subparagraph (ii), if it—
(A) is subject to legal requirements in the country of its incorporation, for the prevention of money laundering and terrorist financing activities that are consistent with the requirements of laws of that country and reliance shall be based with regard to the information available on the level of the country risk; and
(B) is subject to effective supervision for compliance with the legal requirements by the respective foreign regulatory authority.
(4) Where a reporting entity relies on a regulated person to apply customer due diligence measures in respect of a customer, the responsibility to apply the customer due diligence measures remains with the reporting entity.
(5) The provisions of this section shall not apply to—
(a) Banks; and
(b) Bureau de Changes.