The Financial Services Authority (FSA) of Seychelles has issued Circular No. 1 of 2026 to remind all reporting entities (including securities dealers) on the obligation to identify, assess, and mitigate money laundering and terrorist financing risks before introducing:
- New products or services
- New business practices
- New or developing technologies (including for existing products)
Under Section 32 of the AML/CFT Act, risk assessments must be documented, risk-based, and available to the FSA upon request, taking into account customer profiles, delivery channels, transaction types, geographic exposure, and technological developments.
Notably, where no new products or technologies have been introduced, this must be explicitly stated in the institutional risk assessment.