Regulatory Alerts2013-03-01
Financial Institutions (Compounding of Offences) Regulations 2013
The Central Bank of Seychelles issued these regulations to authorize the compounding of offences under the Financial Institutions Act, 2004, in consultation with the Attorney-General. The framework mandates written notification of the offence and proposed penalty, requiring a 14-day response for acceptance or refusal followed by a five-day payment window. Minimum compounded penalties are set at SCR 1,000 for bureaux de change and persons, and SCR 5,000 for banks, with final acceptance barring further legal action unless the agreement is breached.
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