Regulatory Alerts2012-11-21
Financial Institutions Act 2004 (as amended in 2008, 2009 and 2011)
The Central Bank of Seychelles enacted this legislation to regulate all banking and foreign exchange activities within the jurisdiction by establishing a mandatory licensing regime for financial institutions. The Act requires licensees to maintain specified capital bases, reserve funds, and liquid assets while adhering to prudential standards governing credit concentration, connected lending, and management qualifications. It further empowers the Central Bank to conduct consolidated supervision, inspect financial records, suspend or revoke licences for unsafe practices, and impose penalties for regulatory breaches.
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