Regulatory Alerts2013-02-08
Reminders for Payment of Annual Fee
The Central Bank of Seychelles has ceased sending annual fee reminders to bureaux de change, effective immediately. License holders must now independently ensure timely payment to avoid a daily penalty of ten percent on the outstanding annual fee. This policy shift reflects the industry's mature capacity to self-manage regulatory compliance under Section 10(4) of the Financial Institutions Act 2004.
# CENTRAL BANK OF SEYCHELLES
P. O. Box 701, Victoria, Seychelles
---
**Telephone:** [+248] 428 2000
**Fax:** [+248] 432 3665
**E-mail:** enquiries@cbs.sc
**Ref:** FSS/BC/GEN 1
**Date:** February 7, 2013
---
To All Bureaux de Change
## Reminders for payment of annual fee
All bureaux de change are advised that with immediate effect, the Central Bank will no longer be sending reminders for payment of annual fee. This step has been taken in view that the industry is now well developed and has the ability to independently discharge its responsibility for compliance with regulatory requirements.
Correspondingly, we take this opportunity to remind you of section 10(4) of the Financial Institutions Act 2004 as amended, which states the following: - ‘where the holder of a bureau de change licence fails to pay the annual fee prescribed under subsection (1) before the beginning of the year for which the annual fee is due, the bureau de change shall be subject to an additional charge of 10 percent of the annual fee, per day.’ Hence, the onus lies on you to ensure that payment is made in a timely manner.
We count on your usual co-operation.
---
C. Abel (Ms)
**Governor**
Share