Regulatory Alerts2021-12-29
Guidelines for Outsourcing
The Central Bank of Seychelles mandates that all regulated banks and financial institutions obtain prior authorization for material and non-material outsourcing arrangements. Institutions must establish board-approved policies, conduct rigorous risk assessments and due diligence on service providers, and execute legally binding contracts that guarantee data confidentiality, supervisory access, and clear exit strategies. The framework further requires continuous operational monitoring, tested business continuity plans, strict anti-money laundering compliance, and the submission of detailed documentation to ensure uninterrupted regulatory oversight.
Share