Central Bank of Seychelles Directive on Draft Audited Financial Statements for Bureaux de Change

CENTRAL BANK OF SEYCHELLES P. O. Box 701, Victoria, Seychelles Telephone: [+248] 428 20 00 Ref: FSS/GEN/1 Fax: [+248] 432 36 65 E-mail: enquiries@cbs.sc Date: March 23, 2022 To All Bureaux de Change (BDC) Draft Audited Financial Statements Section 38(2)(A) of the Financial Institutions Act 2004 as amended (FIA) requires that A financial institution shall submit draft audited reports and financial statements and consult the Central Bank not later than 3 months after the end of the financial year. As part of the ongoing exercise to amend the FIA, Central Bank of Seychelles (CBS) has determined that it is appropriate to eliminate the afore-stated requirement and to place emphasis on financial institutions’ final audited financial statements. This is consistent with recognising the responsibility of auditors in ensuring the quality of audits and promoting efficiency through use of final audited information to complement CBS’ supervisory activities. Whilst work on FIA amendment remains in progress, CBS has decided not to enforce section 38(2)(A) of the FIA effective 2022. That is, henceforth, in relation to submission of audited reports and financial statements, CBS will only enforce submission of the final auditor’s report in line with section 36(8) of the FIA and the audited financial statements in line with section 38(1) of the FIA. CBS will keep BDC informed regarding the status of work on FIA amendment. Yours faithfully, C. Edmond First Deputy Governor