CBS re-establishes correspondent banking ties for BMIO |15 December 2014
The Central Bank of Seychelles (CBS) has said it has been able to re-establish correspondent banking relationship for the BMI Offshore Bank (BMIO).
This has allowed for some transfers to be effected thus far, the CBS said.
However, In light of tighter requirements on risk management internationally, CBS said it has decided to reorganise the BMIO through implementation of Schedule 4 of the Financial Institutions Act 2004.
During the reorganisation, CBS will continue to have full management control over BMIO.
It is to be recalled that the CBS took control of the BMIO on November 11, 2014 following the latter’s inability to re-establish correspondent banking relationship when this was discontinued in October 2014.
CBS has throughout been working closely with the Financial Intelligence Unit in attempt to address the issues faced by BMIO.