Regulatory Alerts2018-09-13
Central Bank of Seychelles (Credit Information System) Regulations 2012-2014
The Central Bank of Seychelles mandates all licensed banks and supervised credit-granting institutions to utilize its centralized Credit Information System for collecting, submitting, and retrieving electronic credit data. Participating institutions must conduct mandatory CIS enquiries before approving or renewing credit facilities, update positive and negative records monthly by the fifteenth day of the following month, and adhere to defined access fees, data retention periods, and confidentiality obligations. Non-compliance triggers fines up to SCR10,000 and daily penalties of SCR500 for late updates, while the 2014 amendments refine identifier codes, system access protocols, and customer dispute resolution mechanisms.
Share