Regulatory Alerts2023-03-23
Revised Circular on IFRS 9 Requirements for Financial Institutions
The Central Bank of Seychelles issues this revised circular to mandate enhanced supervisory guidance on IFRS 9 implementation for all financial institutions. Institutions must establish robust internal control environments, validate Expected Credit Loss models annually, and incorporate reasonable forward-looking macroeconomic information into their credit risk assessments. The directive supersedes the 2018 circular, requires quarterly ECL returns due within twenty-five days of each quarter-end, and enforces transparent qualitative and quantitative disclosures to support informed decision-making.
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