Compliance Services

Our compliance services are uniquely designed to mitigate the licensee’s regulatory compliance risk. Subject to our appointment as a compliance function service provider in terms of the compliance agreement, we develop and implement effective compliance programs /standards in order to actualize the below service offering.

Compliance standards here refer to the collective systems and controls employed by licensees to ensure it is compliance with all applicable regulatory obligations and internal policies and procedures. The implementation of well-designed, applied, and monitored standards will provide a solid foundation for compliance with relevant regulatory obligations and reduce the risk exposure of the licensee.

Based on these standards, our offer covers below solutions;

a) Ongoing Compliance Support Services;

• Liaising with the regulator for speedy implementation and handling of any request of information, queries etc;
• Regular reviews including quarterly/monthly onsite compliance review visits; while promptly proposing action to remedy any deficiencies identified in the licensee’s compliance systems and controls;
• Provide a compliance monitoring plans to offer assurance to all levels of compliance;
• Submitting relevant regulatory compliance reports/ declarations;
  Identification and raising of STRs with FIU
• Provide detailed ad hoc and annual internal compliance reports;
• Maintain a register of compliance breaches containing information on the date, nature and extent of each compliance breach and whether the breach has been reported to the Authority have a role in preventing or managing conflicts of interest;
• Perform monitoring and sampling, including but not limited to: social media, financial soundness, client onboarding processes and documentation, anti-money laundering/ combating the financing of terrorism procedures, compliance policies, key individuals/ representatives fit and proper; supervision; conflict of interest;

Further Support include:

• Support via telephone, WhatsApp & email.
• Dedicated regular onsite visits within Seychelles and portfolio mandate monitoring. We aim to not only identify and report on the level of compliance but also to assist management with the items identified.

b) Regulatory Training Programs Monitoring;

• Regulatory compliance training plays an important role in your organization by ensuring that all employees are kept up to date on the relevant legislation and regulations your business is operating in.
• Spearhead establishment and maintenance of a training program for the staff of the licensee concerning the licensee’s compliance function and their individual responsibilities;
• Monitoring the activities of compliance staff to ensure that compliance risk is understood and managed and that the licensee’s compliance systems are part of the fabric of business operations
• Ensure that the staff of the licensee are aware of the need for and the objectives of compliance and that they are familiar with, and understand, to the extent necessary to undertake their responsibilities, the regulatory regime, and any changes to it

c) Establishment Of Policies, Internal Control Manuals, and Procedures

• Establish and maintain compliance, AML, and CFT manuals
• Review and enhance compliance procedures, AML, and CFT manual at a minimum, once every two (2) consecutive years while filing a copy of the updated compliance, AML, and CFT manual with the Authority.
• Establish and maintain procedures for the monitoring and handling of complaints, and keeping the complaints procedures under review.

d) General Compliance Consulting and Advisory Services;

• Provide regular compliance updates and how changes in legislation and regulation may impact business;
• In instances where an independent compliance audit is required, liaise with the auditor and provide the auditor with all documentation and information as may be required for the audit; and
• Identify, measure, and assess the compliance risks associated with the licensee’s business, including the compliance risks associated with the material changes in, or the development of new, products, types of business, or customer relationships.