Seychelles

Section 2 of the Outsourcing Guidelines requires institutions to obtain Central Bank authorisation before entering an outsourcing arrangement, and para. 12.1 lists the documents to submit, including the Board-approved policy, risk assessment and draft agreement. Para. 4.1(iii) requires Board approval of material outsourcing, and para. 10.1(v) requires customer consent and notice to the Central Bank where confidential customer information is disclosed.

Directive No. 2 of 2025, issued on 16 May 2025, requires reporting entities supervised by the Central Bank to review CDD and beneficial ownership information at least annually for high-risk customers, every three years for medium-risk and every four years for low-risk customers. It sets no calendar date and tells entities to start reviews immediately.

Section 7(1) prohibits acting as a payment service provider without a Central Bank licence; banks and credit unions are exempt but subject to oversight (s. 7(6)-(7)). Section 28(4) provides that in a provider's insolvency customer funds are used solely for payment users' claims. Section 7A requires 30 business days' written notice before extending product or service offerings. The text read contains no explicit trust-account rule.