Press Release

Insurance Industry Report 2018

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ICA-AML Training

As part of its mandate in ensuring the development of the standard of practice within the financial services industry in Seychelles, the FSA, in collaboration with the International Compliance Associations (“ICA”) conducted its second compliance course enrollment for the year 2018, which is the certificate in Anti-Money Laundering (“AML”).

A one-day workshop for the certificate was held at the Guy Morel Institute on the 14th November, 2018 by Mr. Jonathan Bowdler, the head of Regulatory Compliance at the International Compliance Training (“ICT”), and was attended by numerous participants from the financial services industry.

The ICA certificate in AML aims at providing participants with an introductory understanding into the money laundering and terrorist financing challenges faced by financial institutions, and equip these participants with the knowledge of international best practice initiatives that will assist them in combating these challenges.

The ICA certificate in AML is subsequent to the certificate in Compliance undertaken early during the year, and the FSA expect to conduct further training for the year 2019 to ensure that the industry is provided with the necessary tools and skills for a more efficient delivery in their work place.

Financial Education Fair

Seychelles Financial Services Authority (FSA) in collaboration with the Central Bank of Seychelles (CBS) organized for the first time a Financial Education Fair which was held on the 23rd and 24 th November 2018, on Mahe. The financial education fair brings together the different partners and stakeholders within the financial services sector, encompassing both banking and non-banking sector of the financial services industry. This includes both Government and the private sector, such as banks, bureau de change, insurance companies and capital markets.

FSA Staff and CEO

This fair created a platform providing the public with the opportunity to engage with representatives across the financial services community.

The aim of the fair forms part of the continuous attempt towards educating the public on the
different financial products or services available and provide clarifications on the functions and answer any queries relating to the different financial services organizations and stakeholders.

The fair was declared open after two enlightening and energetic speeches by the two heads of the financial services regulators Ms. Carolina Abel, the Governor of the Central bank, followed by Dr. Steve Fanny, the CEO of the FSA. In his speech Dr. Fanny stated that, “Financial world is not complex. We are responsible to educate ourselves about the various products out there and make the most out of it.”

Another highlight of the event was the announcement and the unveiling of the winner of the Financial Education Mascot Design Competition, Ms. Shireen, Adeline who was presented with a cheque of Rs 20,000 by Ms. Abel and Dr. Fanny.

To ensure that a broad range of the Seychelles public had the opportunity to attend the fair, the team further held the Financial Education Fair on Praslin, on the 14th December 2018. This initiative aims to aims to provide everyone with the opportunity to engage with the financial services community.

FSA attend 14th Annual GRAF Conference

With its inaugural conference held in 2003, Gaming Regulators Africa Forum (GRAF) is comprised of national gambling regulators from the African Continent. Seychelles as one of its newest member jurisdictions, being represented by the Financial Services Authority (FSA), attended the 14th Annual GRAF Conference for the first time this year.

Hosted in Botswana by the Botswana Gambling Authority, at the Grand Palm Hotel Casino Convention Resort. The conference’s opening ceremony was launched by Honorable. Moiseraele Goya, the Assistant Minister of Investment, Trade and Industry of Botswana. The conference hosted speakers from numerous gambling regulatory authorities of Africa, such as Botswana, South Africa, Malawi, Limpopo and key service providers from the gambling industry, including Gambling Laboratories International (GLI) and Casino Association of South Africa (CASA). As a new member jurisdiction, representatives of FSA were invited to the stage for an official welcome and a brief speech, given by the Deputy CEO of FSA, Ms. Zenabe Daman. As part of its mission to increase efficiencies in the gambling regulation, administration and enforcement of gambling laws in the region, the GRAF conferences cover a range of topics which are key to protection of citizens through ensuring adherence to regulatory laws applicable in the member states, and serve as a platform for sharing knowledge and experiences between various stakeholders of the gambling industry.

Attending the 14th Annual GRAF Conference has greatly enhanced FSA’s understanding of several key topics of the gambling industry, its impact on economies and societies, and the challenges that it presents. The FSA will continue to actively participate in GRAF conferences in the future in order to continue its development as a gambling regulator, to acquire and share knowledge and to enhance Seychelles’ position as a reputable gambling destination in Africa.

Group Photo of delegates

Update on the COVID‐19 Situation – Resumption of normal office hours

In line with the recent developments and announcements made by the Seychelles Department of Health concerning the extension of duration of the Orders issued by the Public Health Commissioner, including but not limited to, the Infectious Disease (Prohibition of Outdoor Movement) Order to May 4th, 2020 the Financial Services Authority (“FSA”) has revised the strengthened measures put in place with regards to its day‐to‐day operations, specifically with respect to its office opening hours.

Kindly be informed that as from Monday May 4th, 2020 the FSA will be resuming its normal opening hours where its offices will be open following the closure enforced as a result of the Orders issued by the Public Health Commissioner.

Be advised that whilst FSA will be resuming its normal opening hours and maintaining its commitment to meet its normal service standards to licensees and other stakeholders, it would like to remind all parties that the recommendations as issued by the relevant Authorities particularly the maintenance of physical distancing amongst others are still relevant and of paramount importance as the fight against the pandemic continues.

As highlighted by its previous communications related to the pandemic, the FSA is still encouraging the use of digital modes of communication for the conduct of certain transactions such as the submission of documents and the settling of payments. The FSA will continue to monitor the situation and will provide updates via its website and email as and when these available.


Financial Services Authority

FSA Statement regarding COVID‐19 for the Insurance Sector

In order to protect public health during the COVID‐19 pandemic, the Seychelles Government has announced considerable restrictions on the movement of people to prevent the spread of the virus as well as minimizing the impact on business activities required for our country’s economy. The announcements have highlighted that only entities necessary to provide “essential services” are permitted to operate.

FSA Enhanced measured vis‐à‐vis the COVID‐19 Situation – Temporary Closure of FSA Offices

In light of the evolving situation concerning the COVID‐19 pandemic in the Seychelles and considering the health and wellbeing of the its staff, licensees, stakeholders and their families as a whole, the Financial Services Authority (“FSA”) has deemed it necessary to adopt certain strengthened measures vis‐à‐vis its day to day operations until further notice.

In accordance with new measures put in place by the Department of Health, in an effort to restrict access and movement of the persons to and from the FSA’s offices, the FSA offices at Bois de Rose and Providence will remain closed as of Thursday 9, 2020 until further notice. The FSA will advise as soon as possible with respect to modified work practices such as document drop‐off, delivery and a revised opening hours’ timetable.

The FSA strongly recommends that at this juncture all licensees and stakeholders similarly adopt enhanced/ escalated measures in line with recommendations recently issues by the Department of Health with respect to the restriction of the movement of people and social distancing. In this regard we reiterate recommendations made in past FSA communications that licensees make use of electronic resources in communications to the FSA and other bodies so as to help in the containment of the present situation.

Be advised that the FSA will be providing updates via its website and email as and when these are possible.


Financial Services Authority

FSA Statement regarding COVID‐19

The Financial Services Authority (“FSA”) is continuously monitoring the COVID‐19 outbreak and its effects on its operations as well as on the operations of the different licensees, market participants and sectors under its purview. It is important to note whilst the situation concerning the global pandemic continues to evolve at a rapid pace, the health and wellbeing of our staff, licensees and stakeholders and their families remain an absolute priority for the FSA.

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