Regulatory Alerts2011-10-21
Central Bank of Seychelles Disclosure Guidelines
The Central Bank of Seychelles issued these Disclosure Guidelines under the Financial Institutions Act 2004 to mandate enhanced transparency in banking operations. Financial institutions must clearly communicate fees, charges, and contractual terms during service solicitation, document key loan parameters in agreements, and provide free amortization schedules for new and existing loans. The circular further requires semi-annual savings and loan statements, clearly itemized charges on account statements, written default notifications within two months, and the right for clients to select independent legal counsel.
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