Regulatory Alerts2012-11-21
Financial Institutions Act, 2004
The Central Bank of Seychelles enacted this legislation to regulate banking and foreign exchange businesses by mandating licensing, capital adequacy, and liquidity maintenance. It establishes comprehensive prudential standards, audit obligations, and management controls while granting the regulator broad investigative powers to suspend or revoke licenses for non-compliance. The Act defines prohibited operations, outlines detailed application procedures for domestic and foreign institutions, and prescribes specific offences and penalties to ensure national financial stability.
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