Central Bank improves Anti-Money Laundering compliance

The Central Bank of Seychelles has formalised its engagement to ensure that it remains compliant with international norms through the implementation of an Anti-Money Laundering, Counter Financing of Terrorism and Countering Proliferation Financing Policy. The approval of the Policy by the CBS Board comes with the recognition that while the activities of a Central Bank may be different from that of other commercial entities, CBS is not immune from the risks of money laundering, terrorism financing and proliferation financing. The Policy approval outlines the Bank’s commitment as an institution to contribute to both national and international efforts to combat money laundering and the financing of terrorism. The implementation of the Policy also represents CBS’ determination to conduct its role as banker to Government efficiently and in such a manner as to mitigate risks in accordance with international best practices. The Policy sets out the obligations of CBS in accordance to relevant local and international legislations and international standards. It does not only formalise the processes and controls that were already in place to combat money laundering as well as terrorism and proliferation financing, but also strengthens these frameworks to ensure the mitigation of risks.

One such control is the conduct of due diligence which requires the Bank in its daily engagement with local and international parties, to be satisfied that it is dealing with persons who are equally engaged in the fight against financial crime. In approving the policy at its February meeting earlier his year, the CBS Board highlighted the message that CBS remains accountable in all its actions and decisions as it continues to deliver on its mandate of ensuring financial stability.

The Anti-Money Laundering, Counter Financing of Terrorism and Countering Proliferation Financing Policy is accessible on the CBS website through the following link: https://www.cbs.sc/Publications/AMLCFT.html