Financial Crime World

BANKS JOIN FORCES TO PROTECT CUSTOMERS FROM FINANCIAL CRIME

In an effort to safeguard legitimate customer accounts from being used by criminals and maintain the integrity of the financial system, banks in Seychelles have emphasized the importance of Customer Due Diligence (CDD) in their daily operations.

The Importance of Customer Due Diligence

As part of their obligations under the Anti-Money Laundering and Combating Financing of Terrorism (AML/CFT) Acts & Regulations, banks are required to perform CDD on all customers. This involves verifying the identity and address of customers through reliable and independent source documents, as well as obtaining sufficient information about their sources of funds, wealth, and expected transactions.

When is CDD Necessary?

  • Opening an account
  • Becoming authorized signatories
  • Reactivating an existing account
  • Applying for a new credit facility
  • Conducting banking transactions
  • Becoming a Politically Exposed Person

Why is CDD Important for Customers?

The CDD process is crucial in ensuring that the relationship between customers and banks is properly maintained, thereby mitigating the risks of identity theft, money laundering, and terrorism financing. Customers are urged to assist in the CDD process by providing accurate and updated information, as well as reporting any suspicious transactions.

Consequences of Not Complying with CDD Requirements

  • Refusal to carry out transactions
  • Termination of existing banking relationships
  • Reporting suspicious transactions to the Financial Intelligence Unit
  • Closure of all customer accounts in extreme cases

Help Us Protect You

Banks in Seychelles are committed to protecting their customers from financial crime and money laundering. By cooperating with the CDD process, customers can enjoy better engagement and protection for themselves and other customers. Banks also urge customers never to reveal banking details or share their identities with third parties.

Compliant Banks

The following banks in Seychelles have committed to upholding the highest standards of customer due diligence:

  • Al Salam Bank
  • Bank of Baroda
  • Bank Al Habib Ltd.
  • Bank of Ceylon
  • Barclays
  • Development Bank of Seychelles
  • Habib Bank Limited
  • MCB
  • Nouvobanq
  • Seychelles Commercial Bank
  • Seychelles Credit Union

Support from Regulatory Bodies

The Financial Intelligence Unit, Central Bank of Seychelles, and Seychelles International Financial Services Authority have also expressed their support for the CDD process.

Thank you for being a CDD compliant customer!