Banking Fraud Cases Under Investigation in Seychelles, Nouvobanq Affected
Suspected Cryptocurrency Fraud Affecting Seychelles’ Commercial Bank
An investigation has been launched into a suspected case of fraudulent activity involving cryptocurrency between international and local parties, targeting Nouvobanq, one of Seychelles’ commercial banks. The Financial Crime Investigation unit within the Seychelles Police Force, the Financial Intelligence Unit (FIU), and the bank itself are conducting the probe.
Bank’s Statement and Reassurances
According to a press statement released by Nouvobanq on Wednesday, the bank has detected suspicious transactions and alerted the relevant authorities. The bank assures customers that no account was directly affected, and no money has been deducted from any customer’s account. Nouvobanq categorically denies any involvement by its staff in the scam.
Bank’s Commitment to Customer Service and Governance
Nouvobanq is a joint venture between the Seychelles Government and Standard Chartered Bank, established in 1991. The bank reaffirms its commitment to providing good service to customers and adhering to governance structures that include detecting and preventing fraudulent activities.
Additional Measures Implemented
In response to this recent fraud event, Nouvobanq has implemented additional measures and controls to prevent a similar situation from occurring again.
Seychelles Government’s Efforts on Virtual Assets and Cryptocurrency Policy
Meanwhile, the Seychelles government is working on developing a national policy on virtual assets and cryptocurrency. Finance Minister Naadir Hassan revealed in a National Assembly meeting last month that complaints about activities using cryptocurrency are increasing in Seychelles. Hassan also disclosed that complaints related to cryptocurrency have increased significantly over the past few years:
- 28 complaints registered in 2018
- 9 complaints registered in 2019
- 8 complaints registered in 2020
- 23 complaints registered in 2021
Since there is currently no framework in place, investors and users of these products lack legal protection. Hassan emphasized that developing a national policy on virtual assets and cryptocurrency is essential to addressing this issue.
Conclusion
The investigation into the suspected case of fraudulent activity involving cryptocurrency between international and local parties is ongoing. Nouvobanq has implemented additional measures to prevent similar situations from occurring again, while the Seychelles government works towards developing a national policy on virtual assets and cryptocurrency to provide legal protection for investors and users.