Anti-Money Laundering Act, 2006
Anti-Money Laundering Regulations, 2012
Statutory Instrument 18 of 2012
- Commenced on 17 April 2012
- [This is the version of this document at 31 December 2015.]
1. CitationThese Regulations may be cited as the Anti-Money Laundering Regulations, 2012.
2. InterpretationIn these Regulations, unless the context otherwise requires—“Act” means the Anti-Money Laundering Act, 2006;“beneficial owner” has the meaning given in regulation 4;“Bureau de Change” has the meaning given in the Financial Institutions Act;“criminal conduct” has the meaning given in section 3(9) of the Act;“customer due diligence measures” has the meaning given in regulation 3;”“FATF” means the intergovernmental body known as the Financial Action Task Force;“FATF Recommendations” means the recommendations issued by the FATF from time to time;“foreign regulated person” has the meaning given in regulation 7;“foreign regulatory authority” means an authority in a country outside Seychelles which exercises functions corresponding to those of a supervisory authority with respect to enforcing compliance with the Act and these Regulations;“independent legal professional” means a person or the persons specified in paragraph 3.2 of the Second Schedule to the Act;“legal entity” means a body corporate, wherever incorporated, registered or formed, and includes a company and a foundation;“licensed bank” means an institution licensed under the Financial Institutions Act to conduct banking business;“money laundering” has the meaning given in section 3 of the Act;“one-off transaction” has the meaning given in regulation 5;“ongoing monitoring” has the meaning given in regulation 9(2);“politically exposed person” has the meaning in given regulation 6;“recognised exchange” means—(a)a securities exchange licensed under the Securities Act;(b)a recognised overseas securities exchange as defined in the Securities Act;(c)any other exchange that is a member of the World Federation of Exchanges;“recognised foreign bank” means a bank holding a valid licence to operate as a bank in a country which is a member of the FATF;“shell bank” has the meaning given in regulation 17;“supervisory authority” means the authority having oversight over a reporting entity.
3. Meaning of customer due diligence measures
4. Beneficial owner
5. Meaning of one-off transactionIn these Regulations, “one-off transaction” means a transaction carried out other than as part of a business relationship that exceeds SCR100,000, or SCR50,000 in the case of cash transactions, whether the transaction is carried out in a single operation or several operations which appear to be linked.
6. Meaning of politically exposed person
7. Meaning of foreign regulated personA “foreign regulated person” means a person that—
8. Application of customer due diligence measures
9. Ongoing monitoring
10. Timing of customer due diligence measures
11. Simplified due diligence
12. Reliance on regulated persons
13. Politically exposed persons
14. Correspondent banking relationshipA licensed bank shall not enter into a correspondent banking relationship with a bank or other credit institution situated outside Seychelles unless the licensed bank—
15. Enhanced due diligence in other cases
16. Branches and subsidiaries
17. Shell banks
History of this document
17 April 2012