Regulatory Alerts2020-09-09
Central Bank of Seychelles Notice 4 of 2020 Amending Financial Institutions Act 2004
The Central Bank of Seychelles issued Notice 4 of 2020 to modify the Financial Institutions Act 2004 for all licensed banks. The amendment expands sub-section 29(4)(a) to explicitly include government transactions and guarantees, specifically covering credits granted under a designated Covid-19 relief scheme. This modification authorizes banks to channel Central Bank advances directly to pandemic-affected customers through these government-backed financing arrangements.
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