Regulatory Alerts2009-08-21
Revocation of Circulars Pertaining to External Accounts
The Central Bank of Seychelles has revoked all existing circulars governing external accounts following the repeal of the 1996 Domestic Banking Regulations. Banks are no longer required to obtain prior approval from the Central Bank for deposits into these accounts, though they retain responsibility for verifying deposit authenticity. The half-yearly submission of the BS4 return for external accounts has also been discontinued.
CENTRAL BANK OF SEYCHELLES P. O. Box 701 Victoria, Seychelles Telephone: [+248] 282000 Fax: [+248] 323 665 E-mail: enquiries@cbs.sc Ref.: FSS/BK/EXT/4 Date: August 05th,2009 To all Banks Revocation of circulars pertaining to external accounts With the repeal of the Financial Institutions (Domestic Banking) Regulations 1996, please be advised that with immediate effect all circulars issued on the operations of external accounts are hereby revoked. Consequently banks do not need to seek Central Bank's approval for any deposits made into such accounts although it remains the bank's responsibility to establish their authenticity. Furthermore the half yearly submission of return BS4 "External Accounts" is no longer applicable. ~ P.Laporte Governor