People ‘have right’ to open foreign currency accounts |20 May 2008

Fresh guidelines have been issued by Central Bank governor Francis Chang Leng which encourage the six commercial banks operating in Seychelles to open foreign currency accounts for customers with legally obtained foreign currency.

“So long as a customer’s foreign currency has not come from an illegal source, the banks ought to allow them to open an account. The new guidelines make this clear,” he said.

Bank customers wishing to open foreign currency accounts can do so by asking for the facility from their bank and stating the origin of their foreign currency. In cases where a bank refuses to open a foreign currency account, the customer can issue a complaint to the bank and, if not satisfied with the response, ask the bank to forward it to the Central Bank.

While the new guidelines make it clear that Seychellois with legally obtained foreign currency should be allowed to open foreign currency accounts, they also stress the banks’ responsibility to ensure they do not become a conduit for illegally procured money – both rupees and foreign currency – to enter the banking system.

“Foreign currency bought on the parallel market, stolen, forged or otherwise illegally obtained is never welcome in Seychelles’ banking system,” added Mr Chang Leng.

“Banks must follow the same procedures when accepting foreign currency deposits as when they accept rupee deposits, and due diligence procedures must always be adhered to.”