Reporting Entities under the AML/CFT Act

Compliance Solutions for Accountants, Lawyers, Motor Vehicle Dealers, Real Estate Agents, and Other Reporting Entities

Compliance Challenges for Reporting Entities under the AML/CFT Act

Why Compliance is Essential for Reporting Entities

Under the AML/CFT Act, certain businesses and professionals in Seychelles—such as accountants, lawyers, motor vehicle dealers, real estate agents, and others—are classified as reporting entities. These entities are obligated to comply with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations to prevent financial crimes and ensure transparency.

Failure to comply with these requirements can result in reputational damage, hefty penalties, or even criminal liabilities. For professionals and businesses, navigating the complexities of AML/CFT regulations can be challenging without the right expertise.

At Albright Compliance Advisors, we provide tailored compliance solutions, training programs, and audits to ensure that reporting entities meet their regulatory obligations effectively, safeguard their operations, and foster trust with clients.

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Common Challenges

Common Regulatory Challenges for Reporting Entities

Compliance

AML/CFT compliance and FATF alignment.

KYC & CDD

KYC (Know Your Customer) and Customer Due Diligence (CDD) processes.

Security

Suspicious Transaction Reporting (STR) obligations.

Governance

Governance frameworks and risk management policies.

Staff Adeptness

Staff training on AML/CFT laws and ethical standards.

Compliance Solutions for Reporting Entities

Compliance Services We Offer for Accountants, Lawyers, Motor Vehicle Dealers, Real Estate Agents, and Other Reporting Entities

Albright Compliance Advisors offers a comprehensive range of compliance solutions designed for reporting entities across various industries.

AML/CFT Compliance & Risk Management

Development of AML/CFT policies and procedures tailored to your industry.
Implementation of KYC, Customer Due Diligence (CDD), and Enhanced Due Diligence (EDD) frameworks.
Risk assessments to identify vulnerabilities and mitigate financial crime risks.
Guidance on Suspicious Transaction Reporting (STR) and record-keeping obligations.

Licensing & Regulatory Reporting Support

Assistance with meeting licensing requirements for compliance with the AML/CFT Act.
Preparation and submission of regulatory filings to authorities such as the Financial Intelligence Unit (FIU).
Support for cross-border reporting obligations under frameworks such as the Common Reporting Standard (CRS).

Compliance Audits

AML Audits: Comprehensive evaluation of AML policies, KYC processes, and transaction monitoring systems.
Regulatory Reporting Audits: Assessing the accuracy and timeliness of filings and reports to regulatory authorities.
Governance Audits: Ensuring internal controls and governance frameworks meet AML/CFT standards.

Compliance Training & Capacity Building

Tailored training programs for staff on AML/CFT compliance, KYC processes, and STR obligations.
Workshops on governance best practices, ethical standards, and risk management for reporting entities.
E-learning platforms to provide continuous compliance education and certifications.

Who We Serve

Reporting Entities We Support

We provide compliance solutions for a wide range of reporting entities, including, but not limited to, the ones listed below.

Lawyers & Notaries

Handling transactions for clients, particularly in real estate, fund management, and trusts.

Accountants & Auditors

Managing client funds and ensuring compliance with AML regulations.

Real Estate Agents

Managing the sale or purchase of properties, which are high-risk for money laundering.

Motor Vehicle Dealers

Handling large cash transactions for vehicle sales and other high-value assets.

Trust & Corporate Service Providers

Offering compliance support for businesses managing trusts, companies, or foundations.

Other Reporting Entities

Casinos, dealers in precious metals and stones, and other high-value goods industries.

If your business is classified as a reporting entity, we help you meet your compliance obligations, mitigate risks, and ensure operational excellence.

Case Study

Strengthening AML Compliance for a Real Estate Agency

A real estate agency in Seychelles needed support implementing robust AML controls and meeting their STR obligations. Albright Compliance Advisors developed a customized AML framework, conducted staff training on KYC processes, and performed a compliance audit. The agency passed its regulatory inspection and enhanced client trust.

Overall Risk

- 0 %

Infractions

Deposit Growth

$ 0 M+

Awards

Why Albright?

Why Reporting Entities Trust Our Expertise

Proven Industry Expertise

Extensive experience working with reporting entities under the AML/CFT Act in Seychelles and internationally.

Local & Global Reach

Expertise in Seychelles-specific AML/CFT regulations combined with international standards like FATF.

Reliable Regulatory Insight

Prowess in compliance obligations for accountants, lawyers, real estate agents, and related industries.

Tech-Driven Solutions

Leveraging compliance technology for reporting, transaction monitoring, and audits.

Quality Focused Training

Comprehensive training programs tailored to the unique compliance needs of reporting entities.

FAQ

AML/CFT Compliance for Reporting Entities

Reporting entities must implement robust AML policies, conduct KYC and due diligence, file suspicious transaction reports (STR), and maintain accurate records.

Audits identify gaps in compliance policies, KYC frameworks, and governance systems while ensuring adherence to AML/CFT regulations.

We recommend conducting audits quarterly or annually to ensure ongoing compliance and mitigate risks.

Get In Touch

Contact Us

Let’s get to talking. Send us a message and one of our representatives will be in touch to get the conversation started.

Office Mail

compliancesupport@albrightcompliance.com

Office Number

+248 43 73 540

Office Address

Beau Angalaise, Mahe, Seychelles