Regulatory Alerts2020-07-27
Central Bank of Seychelles Notice on Modifications to Financial Institutions (Bank Charges and Fees) Regulations 2013
The Central Bank of Seychelles issued Notice No. 2 of 2020 to modify the Financial Institutions (Bank Charges and Fees) Regulations 2013 in response to the COVID-19 pandemic. The amendment requires banks to provide free electronic statements to savings and loan account holders at least bi-annually, covering transactions and outstanding balances for a minimum of six months. While physical statements remain available upon customer request, the rule establishes electronic delivery as the standard cost-free method for account reporting.
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