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Seychelles Banks Committed to Upholding Highest Standards in Compliance Work

In a bid to ensure transparency and accountability in offshore transactions, Seychelles-based banks have pledged to maintain robust compliance procedures that meet international standards.

Robust Monitoring Review Process

The banks have put in place a monitoring review process that is transparent and effective, ensuring cooperation with local authorities and other stakeholders. This process is guided by the Financial Institutions Act (FIA) 2004 and Anti-Money Laundering (AML) Act 2006.

Compliance Policies and Procedures

Seychelles banks have implemented internal compliance policies to ensure adherence to general banking laws, regulations, and guidelines. The FIA regulates capital and liquidity requirements, while the AML Act focuses on preventing money laundering through the banking system.

Key Components of Compliance

Under the AML Act, key components of compliance include:

• Robust internal control system
• Customer due diligence
• Sources of funds verification
• Transaction monitoring

Banks are required to establish the identity of customers based on official documents, verify their identity using reliable sources, and ascertain the purpose and origin of transactions.

Commitment to Compliance

Seychelles banks have committed to upholding these standards to ensure the jurisdiction remains an attractive destination for good business. The Financial Intelligence Unit (F.I.U.) administers the AML Act, ensuring that banks comply with the legislation’s provisions.

Attracting Foreign Investment

The commitment to compliance is seen as a major step in maintaining the integrity of Seychelles’ financial sector and attracting foreign investment. With the implementation of these measures, Seychelles is poised to become an attractive destination for investors seeking transparency and accountability in their banking transactions.