Title: “Nouvobanq in the Middle of International-Local Cryptocurrency Fraud Case in Seychelles”

Nouvobanq Under Investigation

In a recent turn of events, Seychelles’ commercial bank, Nouvobanq, found itself at the heart of an ongoing cryptocurrency scam investigation involving several international and local parties. The bank made the disclosure in a press communique on Wednesday, November 3, 2021.

Detection and Reporting of Fraudulent Transactions

According to the communique, the fraudulent transactions were identified and reported to the Financial Crime Investigation unit within the Seychelles Police Force and the Financial Intelligence Unit (FIU). The bank assured customers that no customer accounts were affected, and no funds were withdrawn from any accounts connected to the scam.

Denial of Involvement and Commitment to Prevention

Nouvobanq, a joint venture established in 1991 between the Seychelles Government and Standard Chartered Bank, denied any involvement of its staff in the fraud. The bank, reputed for delivering high-quality services and maintaining robust governance structures, vowed to take additional measures to prevent such incidents in the future.

:::important No customers’ accounts were affected, and no funds were withdrawn from any accounts connected to the scam. :::

Escalating Cryptocurrency-Linked Fraud Cases

Amidst the escalating cryptocurrency-linked fraud cases in Seychelles, the country is taking steps to develop a national policy on virtual assets and cryptocurrency.

Rising Complaints About Cryptocurrency Usage

In the National Assembly last month, Finance Minister Naadir Hassan revealed that there had been complaints about activities using cryptocurrency on the rise, with 23 cases registered in 2021. He stated that:

There is no legal framework, which means there is no protection for investors or users of these virtual assets. We cannot ignore the fact that there is a growing trend in financial fraud, and it is essential that we take the necessary steps to protect our people and our economy.

Work on National Policy underway

Work on the national policy is currently underway, with experts in the field of virtual assets and cryptocurrency discussing guidelines and regulations to provide much-needed legal certainty.

::: tip Experts are currently discussing guidelines and regulations to provide much-needed legal certainty in the cryptocurrency industry. :::

Timeline of Cryptocurrency-Related Complaints

Sources: Nouvobanq Press Communique, Seymeuse