Financial Crime World

The Seychelles Financial Services Authority: Regulating and Developing the Country’s Financial Sector

Introduction

The Seychelles Financial Services Authority (FSA) is the primary regulatory body for financial institutions in Seychelles. Established in 2007, the FSA is responsible for regulating and supervising all financial institutions operating within the country’s financial sector.

Mission and Objectives

The FSA was established to ensure that financial institutions operate in a fair, transparent, and stable manner, and to protect the interests of depositors, investors, and the general public. To achieve this objective, the FSA has implemented a range of regulations, guidelines, and standards that govern the operations of regulated entities.

Regulatory Powers

The FSA’s regulatory powers are derived from the Financial Services Authority Act 2007, which outlines its mandate and functions. The regulator is also supported by a range of enabling laws, including:

  • Banking Act 2014
  • Insurance Act 2007
  • Securities Trading Act 2007

Regulatory Requirements

Regulated entities in Seychelles must comply with the FSA’s regulations and guidelines, which cover areas such as:

  • Capital adequacy
  • Liquidity
  • Risk management
  • Corporate governance
  • Consumer protection

The regulator also conducts regular examinations and inspections of regulated entities to ensure compliance with its requirements.

Services Provided by the FSA

In addition to regulating financial institutions, the FSA also provides a range of services to support the development of Seychelles’ financial sector. These include:

  • Access to information
  • Guidance on regulatory requirements
  • Enforcement actions against non-compliant entities

International Membership and Collaboration

The FSA is a member of various international organizations, including:

  • International Organization of Securities Commissions (IOSCO)
  • Basel Committee on Banking Supervision

This membership enables the regulator to stay up-to-date with global best practices in financial regulation and to share its own expertise and experiences with other regulators.