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Regulatory Compliance Challenges Banking in Seychelles

The financial services sector in Seychelles has been facing significant regulatory compliance challenges, posing hurdles for banking institutions operating in the region. A robust regulatory framework and sophisticated product portfolio are crucial to meet the complex needs of global business, but the recent surge in fraudulent activities has left investors and licensees on high alert.

Fraudulent Activities

In a bid to protect the interest of the general public and market participants, the Financial Services Authority (FSA) of Seychelles has issued numerous warnings and scam alerts, flagging several companies for unauthorized use of websites and suspected fraud. These notices have included:

Grand Capital Ltd
COF Globol
Pro Market Group 24 LTD
Trade Propel
Others

FSA Advisories

The FSA has advised investors to exercise extreme caution when dealing with these companies, emphasizing that their websites are not linked to any entity licensed or regulated by the authority in Seychelles. The agency has also cautioned against cloning of its website and forgery of securities dealer licenses.

Commitment to Regulatory Compliance

Despite these challenges, the FSA remains committed to protecting the integrity of the financial services sector in Seychelles. With a focus on efficient services delivery and a business-friendly environment, the agency is working closely with industry stakeholders to address regulatory compliance issues and ensure that only legitimate businesses operate in the region.

Adapting to the Changing Regulatory Landscape

As the financial services sector in Seychelles continues to evolve, it is essential for banking institutions to stay vigilant and adapt to the changing regulatory landscape. By doing so, they can maintain investor confidence and uphold the reputation of the island nation as a respected international financial centre.

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