Notices

Public Notice – Transition to ISO 20022

CENTRAL BANK OF SEYCHELLES  & SEYCHELLES BANKERS ASSOCIATION NOTICE TO THE GENERAL PUBLIC The Central Bank of Seychelles (CBS) and the Seychelles Bankers Association (SBA) wouldlike to inform the general public that Seychelles will join the global financial community inadopting a new international standard for exchanging electronic payment information betweenfinancial…
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Public Notice – SCAM

Following the rise in fraud cases recorded last year, the Seychelles Bankers Association is seeing an increase in reported cases currently in the market related to social media adverts or calls being made via Whatsapp.   The public is being advised that NO bank makes offers for loans through social…
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Demystifying “Source of Funds” in Banking

Understanding where money or assets originate from, known as “source of funds,” is crucial in banking. This is why it matters: Regulatory Compliance: Banks must adhere to strict regulations to prevent illegal activities like money laundering. Knowing the source of funds helps banks comply with these rules and maintain integrity.…
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Remediation

Remediation involves the process of cleaning up and updating the details of the customer in their database, to ensure compliance with the latest regulations. This includes:   Identifying incomplete or outdated information: Reviewing customer profiles to find missing, outdated, or inaccurate data. Contacting customers: Reaching out to customers to obtain…
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High-Risk Customers in Banking

High-risk customers are individuals or companies that could possibly pose a threat to a financial institution and its operations. In the digital realm, these entities may trigger compliance issues, perpetrate fraud, or attempt to breach cybersecurity protocols. Risk appears in various forms across different industries. For instance, a high-risk customer…
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