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.
ANNEXURE Central Bank of Seychelles FINANCIAL INSTITUTIONS ACT (Cap 79) NOTICE No.2 of 2020 Pursuant to section 74A(1) of the Financial Institutions Act, the Central Bank of Seychelles hereby issues this Notice directing the modifications of regulations 4(3)(a) of the Financial Institutions (Bank Charges and Fees) Regulations, 2013 (S.I. 11 of 2013) in light of COVID-19 pandemic — The Financial Institutions Act (Charges and Fees) Regulations, 2013 shall apply to all banks with the following modification to subregulation 4(3) (a) — “A bank shall provide at least bi-annually an electronic statement to a savings account holder or a loan account holder covering the transactions and balance outstanding for a period of at least 6 months unless physical statements are requested by customers. The statement shall be provided free of charges and fees.” Dated this ……....…. day of ……........……………....……., 2020. CAROLINE ABEL GOVERNOR