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International Monetary Fund. Monetary and Capital Markets Department
The purpose of the missions of Phase I was to develop a functional central bank, including establishing a modern banking supervisory regime. Especially, MCM provided TA missions under the Phase I that have focused on operationalizing banking license capacity, development of on and offsite supervisory capability, and other relevant areas.
International Monetary Fund

need to be updated to reflect recent developments in best AML/CFT practices. The authorities are currently considering updating the Guidance Notes or issuing a CBS directive in this area. Most banks provide internal guidance to employees and apply know-your-customer identification procedures for Seychellois customers, in accordance with the Guidance Notes. The mission recommended, however, that core provisions regarding customer identification and record keeping procedures be set out in the AML Act rather than in the Guidance Notes. The mission found that there are

International Monetary Fund. Monetary and Capital Markets Department

CBS directive put a halt to agent banking activities, the possibility of such engagements is high, and the CBS is encouraged to finalize the guidance. It is recommended TA to support the development of appropriate supervisory review of agent-banking relationships. 35. Standard workpapers have been developed in support of various exam procedures . The workpapers include items such as the reconciliation of capital accounts; summaries of financing assets and associated loss reserves; and schedules that support details included in the report of examination. Over the

International Monetary Fund
This paper reviews of Sector Regulation and Supervision for Seychelles. Regulation and supervision of the banking sector and foreign exchange bureaus in Seychelles is carried out by the Bank Supervision Division of the Central Bank. Supervision of the credit union and the insurance companies is less formal, and carried out within the Ministry of Finance. Supervision of the housing finance company is shared by the Ministry of Finance and the Ministry of Land Use and Habitat. The development bank has no designated supervisor, but its Board includes representatives from several key ministries.