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 Compliance framework

 

Mindful of the risks inherent in offshore transactions we are committed to upholding the highest standards in our compliance work putting in place a monitoring review process that is robust, transparent and effective.

We will cooperate with local authorities and other stakeholders to ensure that the internal control framework that the jurisdiction as a whole has in place, works for all of us and that it becomes the basis for attracting good business to the jurisdiction.

Our internal compliance policy is guided mainly by 2 pieces of legislations, Financial Institutional Act, FIA Act 2004and Anti-Money Laundering legislation, AML Act 2006. The former deals mainly with compliance to general banking laws, regulations and guidelines and other prudential directives, for e.g capital and liquidity and is regulated by the Central Bank of Seychelles.
The AML deals specifically with prevention of money laundering in the jurisdiction through the banking system. This piece of legislation is administered by the Financial Intelligence Unit (F.I.U). Please see a brief summary of the Key components of the AML Act
 
  • Compliance Function
    The bank must have adequate internal control system/mechanism in place to ensure bank’s compliance with provisions of existing requlatory legislations.
  • KYC /Customer Due Deligence
    The bank shall ascertain the entity of a customer on the basis of an official or identifying document and verify such identity on the basis of reliable and independent source documents. AML Act. Section 4
  • Sources of Funds
    The bank shall take reasonable measures to ascertain the purpose of any transaction, partly by establishing the origin and ultimate destination of funds. AML Act. Section 4(4)
  • Monitoring transactions
    A bank shall monitor its business relationships and transactions to ensure that the transactions conducted are consistent with information that the bank has of its customer and of the profile of the customers business. AML Act Section 9 (4)
 
Please visit the Central Bank website for further details of any of the above Acts & Legislations at www.cbs.sc.
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