Regulatory Alerts2024-08-15
Central Bank of Seychelles (Amendment) Act, 2024
The President and National Assembly of Seychelles enacted the Central Bank of Seychelles (Amendment) Act, 2024 to comprehensively update the principal banking legislation. The amendment restructures the Board of Directors, establishes dedicated Audit and Risk, Human Resources, and Nomination committees, and clarifies the Bank’s independence, monetary policy functions, and financial stability objectives. It introduces stricter appointment and removal procedures, including a judicial tribunal for board members, strengthens confidentiality obligations with specific penalties, and ensures the Bank’s supremacy over conflicting laws affecting its core functions.
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