Regulatory Updates

Recommendation 15 (REC15) of the Financial Action Task Force (“FATF”) in relation to New Technologies requires Virtual Assets Service Providers (“VASPs”) be regulated for Anti‐Money Laundering and Countering the Financing of Terrorism (AML/CFT) purposes, licensed or registered and subject to effective systems for monitoring or supervision.

In June 2019, the FATF adopted an interpretive note to REC 15 to further clarify how the FATF requirements should apply to Virtual Assets (“VAs”) and VASPs, in particular about the application of a risk‐based approach to VA activities or operations and VASPs; supervision or monitoring of VASPs for AML/CFTpurposes; licensing or registration; preventive measures such as Customer due diligence, record keeping and suspicious transaction reporting amongst others; sanctions and other enforcement measures; and international cooperation.

The FATF further adopted changes to REC15 to explicitly clarify that they apply to financial activities involving VAs, while adding two new definitions in the Glossary, VA and VASP. Based on the new definitions, the FATF consolidated existing terms such as crypto currency, digital assets and virtual currency into this new definition of VA and related service providers such as exchanges and certain wallet providers.

The above being said, the Seychelles 4th round Mutual Evaluation Report (“MER”) conducted by the Eastern and Southern African Anti‐Money Laundering Group (“ESAAMLG”), a FATF style regional body, was published in 2018, one year after the conclusion of Seychelles National Risk Assessment (“NRA”) in 2017.

According to the MER, Seychelles was deemed as being non‐compliant (NC) with regards to REC15.

In light of FSA’s on‐going assessment by the ESAAMLG for which the FSA have to report on a bi‐annual basis to show compliance to REC15 and in view of the high level of prevalence of the use of International Business Companies (“IBCs”) undertaking activities in the field of crypto‐currency or other block‐chain technology based services in recent years, the FSA deems it necessary to conduct a risk assessment of VAs and VASPs, as the said activities are currently not being licensed/regulated by the FSA.

While Seychelles could have under normal circumstances, opted to undertake the VA/VASP risk assessment as part of the broader NRA planned for later on in 2022, the Seychelles position vis‐à‐vis its on‐going MER follow up reporting process with the ESAAMLG and the context of the perceived risks associated with VAs and VASPs in relation to legal persons incorporated in Seychelles makes this option unrealistic with regards to timing. It has therefore been agreed on a national strategic level that Seychelles undertakes a VA/VASP specific national risk assessment exercise which will then feed into the overall NRA planned for later onduring the year 2022.

This VA/VASP risk assessment has the primary objective of aiding the FSA and other relevant competent authorities to assess the feasibility, potential benefits and potential draw‐backs of having a VA/VASP regime in the Seychelles where due consideration and focus will be placed on assessing the risks pertaining to such a regime. It is important to note that the exercise will also guide and inform the establishment of a national policy position on the subject matter which is an important first step vis‐à‐vis the development of legislations in line with the established policy position that will allow the Seychelles to meet its obligations in regards to REC 15.

With this being said, the FSA wishes to inform its licensees that it has acquired the services of a qualified and experienced consultant to assist the FSA in conducting a risk assessment of VAs and VASPs that will benefit Seychelles in general. This risk assessment is of high quality in light of FSA’s on‐going assessment by the ESAAMLG for which the FSA has to show compliance to REC 15 of the FATF recommendations. The outcome of the risk assessment for VA and VASP will then feed into a wider NRA planned for 2022. This exercise is a valuable tool for the FSA and its domestic counterparts, to better understand the perceived risks that the country is facing, and to support their own risk assessments and ongoing supervisory activities.

The risk assessment is expected to last for a period of six months and the consultant is expected to be in Seychelles during the third week of February, to kick start the risk assessment process. The FSA believes that the engagement and participation of the private sector through licensees and other stakeholders is essential for the overall success of the VA /VASP risk assessment exercise. In that regard the FSA will be providing additional updates to its licensees and other stakeholders along the course of the risk assessment exercise inclusive of potential capacity building sessions as and when these are organized during the course of the project’s life‐cycle.

Financial Services Authority

The Financial Services Authority (“FSA/Authority”) hereby gives notice to the general public, pursuant to section 28(2)(c) of the Financial Services Authority Act, 2013 (“FSA Act”), that the Investment Advisor Representative License (IARL009) held by Luqman Weise Asset Managers Limited and the Investment Advisor Representative License (IARL009) of Mr. Mohamed Ahmed Rashad Khater has been revoked pursuant to section 29(1) of the FSA Act, effective December 20^th, 2021.

The FSA hereby reminds the public that the Authority is not responsible should persons continue or maintain client relationship Luqman Weise Asset Managers Limited.

The Financial Services Authority

21st December 2021

Unauthorized use of website https://everfxx.co.uk/ (the “unlawful website”):

This notice is issued by the Financial Services Authority of Seychelles (“FSA”) drawing attention to the following website and the fact that this website is not linked to any entity licensed or regulated by the FSA in any capacity. Details on the website are as follows:

Website:

https://everfxx.co.uk/ 

The FSA Seychelles urges investors and members of the public to exercise extreme caution in respect of this website. The FSA reminds same that the Authority is not responsible should persons continue or maintain client relationship, or uses services provided with or by the aforementioned website.

Alert:

Unauthorized use of website https://mt5expo.com/en/ (the “unlawful website”):

This notice is issued by the Financial Services Authority of Seychelles (“FSA”) drawing attention to the following website and the fact that this website is not linked to any entity licensed or regulated by the FSA in any capacity. Details on the website are as follows:

Website:

https://mt5expo.com/en/

The FSA Seychelles urges investors and members of the public to exercise extreme caution in respect of this website. The FSA reminds same that the Authority is not responsible should persons continue or maintain client relationship, or uses services provided with or by the aforementioned website.

The Financial Services Authority is inviting dedicated, dynamic and committed individuals to join its team and help contribute to the success of the financial services industry.

Business Analyst

Fiduciary Section

Job Purpose:

Responsible for reviewing and determining the merit of license applications and other authorisations requests for approval within the Fiduciary Services Sector.

Summary of Duties:

• Work in close collaboration with the Manager Authorisations to assist and ensure effective and efficient operations of the unit.
• Engage in the processing and evaluation of applications submitted within the Authorisations Unit including but not limited to licensing, renewal, changes and other authorisation applications.
• Assess and appraise all applications in consultation with the other units and in line with relevant current legislation in place applying the KYC principles and due diligence.
• Coordinate, facilitate liaison and dissemination of information to customers or their agents and provide a comprehensive analysis of applications.
• Engage in the conduct of onsite inspections in ensuring prospective licensee’s adherence with the prevailing legislations or on an ad-hoc basis.
• Contribute in the formulation, implementation, and maintenance of policies, procedures and practices, participate in the development of strategic plans for the FSA and review exercises as and when required.
• Provide stakeholders with market information i.e. new licences and developments in the Industry.
• Assist in the undertaking of market research to improve the regulatory standing of the industry and the jurisdiction.

Minimum Entry Requirements:

• Degree in Finance, Economics, Accounting or Law or any other relevant field or suitable level of experience in a relevant field; or
• Diploma in International Compliance Association (ICA) plus 2 years of relevant working experience.

Salary:

Commensurate with qualifications and experience.

To Apply:

Please forward your covering letter, curriculum vitae, certificates, references and referees to:

Head of Corporate Affairs

Financial Services Authority

P.O. Box 991, Bois De Rose Avenue, Mahe

Email: recruitment@fsaseychelles.sc

Closing date of application: Friday 17^th December, 2021

The Financial Services Authority is inviting dedicated, dynamic and committed individuals to join its team and help contribute to the success of the financial services industry.

Security Officer

Facilities and Logistics Section

Job Purpose:

To safeguard and protect life and property of the organization in line with the set procedures;

Duties:

• Ensure that movement of goods and materials in or out from the building, warehouses and containers have been authorized and inspected.
• Ensure that persons and vehicles entering and leaving the zone are properly documented, and monitored and that only authorised person and vehicles are allowed inside the zone.
• Prevents losses and damage by reporting irregularities, informing violators of policy and procedures and restraining trespassers.
• Monitor all FSA surveillance devices and setups (including CCTV)
• To undertake search and inspection of all goods and vehicles / persons entering and moving from the zone.
• Implement FSA Traffic Management Plan.
• Handling of containers;
• Completes reports by recording observations, information, occurrences, and surveillance activities, interviewing witnesses and obtaining signatures.
• To direct and guide visitors to offices and deal with enquiries.

Entry Requirements:

• Secondary Level Education;
• Knowledge of basic Security and Fire inspection procedures
• Good Disciplinary Records

 Salary:

Commensurate with qualifications and experience.

To Apply:

Please forward your covering letter, curriculum vitae, certificates, references and referees to:

Head of Corporate Affairs

Financial Services Authority

P.O. Box 991, Bois De Rose Avenue, Mahe

This notice is issued by the Financial Services Authority of Seychelles (“FSA”) drawing attention to the following websites and the fact that this website is not linked to any entity licensed or regulated by the FSA in any capacity. Details of the websites are as follows:

Website:

www.girofx.com

In addition, the above-mentioned website is also claiming to be operated by a company licensed by the Financial Services Authority (FSA) of Seychelles with Securities Dealer License Nr. SD071.

However, the website is no longer accessible on the internet.

The FSA Seychelles urges investors and members of the public to exercise extreme caution in respect of this website. The FSA reminds same that the Authority is not responsible should persons continue or maintain client relationship, or uses services provided with or by the aforementioned website.