Seychelles VASP License Compliance Officer Services 

Compliance officer services for Seychelles VASP

• Seychelles VASP license compliance officer services are essential for organizations seeking regulatory assurance and stability in one of the fastest emerging digital asset jurisdictions. Following a National Risk Assessment, in 2022, Seychelles identified high risks of money laundering and terrorist financing associated with virtual assets and put in place formalized compliance roles across the sector under the Virtual Asset Service Providers (VASP) Act of 2024. The VASP Act requires that all VASP licensees appoint a compliance officer to ensure there are robust anti-money laundering (AML) and counter-terrorist financing (CTF) systems from the beginning of their operations.  

• The Financial Services Authority (FSA) requires companies to submit comprehensive AML and CTF policies and submit verifiable controls for ongoing compliance in order to secure Seychelles VASP License. The statistics confirm there has been a steady increase in new registrations, with approximately 133 new limited liability corporations registered in Seychelles in 2022. Register company in Seychelles continues to be a simple process which supports the Islands reputation as a hub for financial innovation. 

• As Tetra Consultants, we assist clients on every finer detail of preparing documents, managing all regulatory submissions, and ensuring that every requirement is fulfilled as the compliance officer under the Seychelles VASP License. This expedites time-to-market and preserves institutional integrity. 

Benefits of appointing Seychelles VASP license compliance officer services

Ensures regulatory compliance and legitimacy 

• Dedicated compliance officers help ensure the requisite strict adherence to the Seychelles VASP Act and AML/CFT regulations set forth by the Financial Services Authority (FSA). This compliance is essential in maintaining a legitimate virtual asset service provider to mitigate criminal and legal risks, as breaches can result in significant monetary penalties and/or suspension of licenses. 

Facilitates compliance in a full-time capacity 

• The regulatory framework in Seychelles states that a compliance officer must be a person employed full-time directly with the VASP and not contracted/outsourced. This ensures an ability to pay attention to compliance, be timely and in-depth in reporting, and to manage risks aligned with local and international regulations, laws, and standards. 

Boosts the credibility of the business and confidence by stakeholders 

• The existence of a compliance officer adds to the company’s credibility, signaling an objective cognizance of regulatory requirements, which is of great importance to clients, investors, and partners. This legitimacy is crucial for business planning and vision related to objective expansion and operation in global markets of virtual assets as a Seychelles VASP License holder. 

Facilitates effective AML and CFT policy implementation 

• A compliance officer is responsible for ensuring consistent delivery of Anti-Money Laundering (AML) and Counter Financing of Terrorism (CFT) policies along with client due diligence and record keeping obligations required by Seychelles VASP License.  

Supports economic substance and reporting requirements 

• The compliance officer is also responsible for ensuring the VASP has met all economic substance requirements such as maintaining a local office, holding regular meetings of the board of directors, and submitting annual returns within the deadlines stipulated in their contract with Seychelles VASP License. These are all important behaviors needed to uphold Seychelles VASP License. 

Facilitates company operations and communication with regulators 

• Ultimately, with the compliance officer managing the communications with regulators and maintaining compliance with all required documentation, this streamlines the time taken to complete day-to-day operations and ensures that all individual and company regulations and obligations are delivered on time and when required. This creates a pathway for those entities to register and operate seamlessly under the virtual asset regulatory regime in Seychelles. 

Who should appoint Seychelles VASP license compliance officer services?

Virtual Asset Service Providers (VASPs) licensed in Seychelles 

• Any company holding or applying for a Seychelles VASP License must appoint a Compliance officer.  The Seychelles VASP license compliance officer signifies ensuring that the business is compliant with Seychelles’ VASP Act, Anti-Money Laundering (AML), and Counter Financing of Terrorism (CFT) regulations. The Seychelles VASP license compliance officer manages risk management, compliance and regulatory reporting, and internal controls to keep the virtual asset services integrity and legality. 

Reporting entities under the AML/CFT Act 

• Entities undertaking virtual asset activities will fall under Seychelles’ Anti-Money Laundering and Counter Financing of Terrorism Act and its regulations, these entities are obliged to appoint a compliance officer. The Seychelles VASP license compliance officer oversees the compliance programs, conducts due diligence, assesses suspicious transactions, and ensures all applicable laws and regulations concerning AML/CFT are adhered to in order to prevent any illicit activities involving financial transactions. 

VASP license applicants in Seychelles 

• The VASP must appoint a qualified Seychelles VASP license compliance officer to carry out the function while fulfilling a licensing requirement. The Seychelles VASP license compliance officer will demonstrate their understanding of regulatory requirements, will develop compliance policies, and submit applications to the Seychelles Financial Services Authority (FSA), all ensuring the applicant meets the licensing requirements quickly and effectively. 

Eligibility for Seychelles VASP license compliance officer services

• Must be appointed and accepted by the Seychelles Financial Services Authority (FSA). 

• Must meet fit and proper criteria and possess integrity, competence, and professional ethics. 

• Must have relevant qualifications, such as a law, finance or business degree or other recognized qualifications in regard to AML/CFT (for example, CAMS, ICA). 

• Must have relevant experience in compliance, AML/CFT or risk management (generally 3+ years) knowledge of the compliance regulations specific to Seychelles. 

• Must act independently from business units and have access to all information related to the company without restrictions. 

• Independence is required to act in a completely independent manner and remain out of operational activities that might create a conflict of interest.   

• Strongly preferred to be a local resident or physically present in Seychelles. 

• Must not have a criminal record, specifically for crimes of dishonesty or financial crime.  

• Must provide the FSA with a questionnaire on personal history, Curriculum Vitae (CV), and supporting documentation for the appointment of compliance officer. 

• Must participate on an ongoing basis as a compliance officer for AML/CFT including up-to-date compliance programs and training regularly. 

• Provisions are made for the appointment of a named alternate compliance officer, regardless of risk management approach or size of staff. 

• Can be a member of the board provided the independence requirements and regulatory requirements are adhered to. 

Seychelles VASP license compliance officer assistance

• Our compliance officers are all Certified Anti-Money Laundering Specialists (CAMS) and Certified Crypto Asset AFC Specialists (CCAS), each with over 5 years’ experience in the crypto and financial services industry. Our team have comprehensive knowledge of the Seychelles Virtual Asset Service Providers Act, FIU guidance, and other regulatory requirements. Therefore, we ensure your VASP is entirely compliant with strong AML/CFT controls, reporting, and engagement with regulators. Your compliance function is with qualified professionals dedicated to upholding high standards. 

Services offered by Tetra Consultants Seychelles VASP license compliance officer services

• Ensure the organization is compliant with all the conditions attached to the VASP license issued by the FSA.  

• Serve as the primary contact for the VASP for interactions with the FSA about regulatory matters.  

• Conduct the preparation and submission of all statutory reports and filings (risk assessment reports, suspicious activity logs, annual compliance certifications, etc.).  

• Track and maintain all legislative amendments and FSA updates. 

• Establish, implement and keep current a Risk-Based AML/CFT framework permissive of Seychelles and FATF.  

• Conduct Customer Due Diligence (CDD) and Enhanced Due Diligence (EDD) when on-boarding customers and when monitoring ongoing customer behavior. 

• Monitor all fiat and virtual asset transactions to confirm there are no red flags (layering, mixing, sanction breaches, etc.). 

• Ensure compliance with UN Security Council Sanctions and other sanctions regimes applicable in Seychelles. 

• Act (or liaise with the designated MLRO) to review, investigate and submit Suspicious Transaction Reports (STRs) to the Financial Intelligence Unit (FIU). 

• Remain aware of, complete, and maintain internal SAR logs and ensure confidentiality and legal protections are maintained. 

• Coordination, support and assistance provided to FIU and FSA if available per the investigation. 

• Conduct and maintain processing for a Business Risk Assessment (BRA) and maintain a Customer Risk Scoring System.  

• Establish internal controls from a financial crime (money laundering, terrorism financing, sanctions breaches) a business can fit into to identify, isolate and mitigate risks. 

• Organize regular independent AML/CFT audits, as mandated by the FSA. 

• Keep current and secure copies of:  
  • KYC documents and verification procedures 
  • Transactions and blockchain logs 
  • Evidencing compliance monitoring activity 
  • All reports sent to FIU/FSA 

• Compliance and risk management practices, ensuring your records are retained for no less than 7 years since they may be referred to when complying with Seychelles’ regulations. 

• Provide regular training for employees on: 
  • AML/CFT responsibilities,  
  • Internal reporting procedures,  
  • Risk indicators concerning virtual assets 

• Keep records of training attendance and materials used.  

• Report on a regular basis to senior management, or the Board, in relation to: 
  • Compliance risks,  
  • Beaches detected,  
  • Emerging regulatory trends or FATF updates. 

Steps for appointment of Seychelles VASP license compliance officer services