The Financial Services Authority (“FSA”) would like to inform all its licensees and other stakeholders that it has initiated its Business Continuity Plan (“BCP”) protocols in order to ensure minimal disruption in its daily operations. The FSA would like to reassure all licensees, that it will continue to carry out its normal operations with the aim of maintaining its established service standards across all departments of the FSA.

The FSA encourages all licensees and stakeholders to be cognizant of their internal contingency plans vis-à-vis the situation surrounding the outbreak to equally safeguard its interest, and that of its clients.

As a precautionary measure, the FSA would appreciate for all its licensees and other stakeholders to, as much as possible, forward communications to the FSA by electronic means. Whilst it is important that letters are physically sent to the FSA it is advisable that a scanned copy of these are also sent.

It is encouraged also that payments be effected via electronic means such as through bank transfers via arrangements already in place with the FSA. Note that the FSA shall exert its discretion, subject to exigencies, in relation to certain normal practices such as face-to-face meetings in line with the recommendations issued by the Department of Health.

The FSA would appreciate for all licensees to remain informed of any official developments regarding the current situation as it progresses and to take the necessary actions and precautions. Simultaneously in the event of any major developments the FSA will advise with regards to any changes to the status quo should the circumstance so dictate.  

The FSA will like to advise all licensees that due to COVID-19 pandemic there are spam emails that are being circulated over the internet. If you receive such emails, we urge you not to click on those links within the emails. If you are unsure about any suspicious emails received from the Authority, please contact us to verify.

The Financial Services Authority (“FSA”) remains vigilant amidst the Coronavirus (Covid-19) situation and implementing precautionary measures to make sure consumers are protected.

SCAMS

Scammers are constantly finding new ways to steal your money. Pay close attention to scams related to coronavirus (Covid-19). You can protect yourself by knowing what to look out for.

To help protect yourself, you should;

• Beware of emails and calls asking you to send money or personal information to receive a lottery or prize, also do not click on link from senders you don’t already know.
• Do not click on links from senders you do not already know.
• Do not give out personal details (bank/insurance /investment details)
• Beware of adverts on social media channels and sponsored adverts online.
• Always verify information from a credible and trusted source.

TREATING CUSTOMERS FAIRLY

The FSA remains engaged in ensuring that all licensees and stakeholders safeguard the interest of its clients during the Corona pandemic.

In this regard, complaints connected with the operations or management of licensees, should be sent to through the following ways;

The Complaints Handling Form and all relevant documents can be submitted by any of the following means:

1. in a formal email through the following email address: complaints@fsaseychelles.sc
2. in a formal letter addressed to the Financial Services Authority sent to:
     The Chief Executive Officer
     CC. Policy (Information & Communication Unit)
     Financial Services Authority
     Bois De Rose Avenue
     P.O Box 991, Victoria
     Mahé, Seychelles
3. hand-delivered directly to the Authority.

INSURANCE

We remain in regular communication with insurance providers to ensure that the impact of coronavirus on their operations, is being well-managed.

Consumers should be aware that insurance covers differ from policy to policy. If you are unsure about any of your insurance covers you should contact your provider/ broker directly.

The FSA strongly advises the public to refrain from travelling abroad. However, for those who must travel should undertake the following precautions;

• Read the latest advisory from the Ministry of Health before you leave.
• Check your travel insurance policy diligently.
• Take time to ensure that the policy covers your needs
• Contact your insurer before your travel if you are in doubt.

GAMBLING

The FSA strongly advise the Casinos and Slot Machine operators to ensure the safety of the consumers and strongly urges the general public to avoid establishments that congregate large crowds as advised by the Public Health Authority Advisory dated 11^th and 15^th March, 2020.

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.

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.

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

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

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.