CBS suspends the operations of Thompson (Seychelles) Ltd   |09 December 2021

The Central Bank of Seychelles has suspended the operations of Thompson (Seychelles) Ltd, a bureau de change located in Victoria.

The suspension has been done in accordance with section 53(1)(iv) and 53(1)(j) of the Financial Institutions Act (FIA), 2004. Thompson (Seychelles) Ltd was informed on Tuesday December 7, 2021, that the suspension took immediate effect, until further notice from the Central Bank of Seychelles (CBS).

The decision is as a result of ongoing investigation by law enforcement authorities against an administrator of the bureau de change.

Thompson (Seychelles) Ltd is a Class B - bureau de change, which means it is restricted to buying and selling foreign currency only in the form of notes, coins and travellers’ cheques.

The bureau de change has to inform its customers that it will not be providing the services of buying and selling of foreign exchange in the form of notes, coins and travellers’ cheques, by way of a notice, visibly displayed at its premises.

It is to be noted that there is a regulatory framework that sets out the conditions and guidelines for the establishment and operations of licenced bureaux de change in Seychelles, and as the regulator, CBS is constantly supervising and monitoring their operations to ensure that this is being conducted in an orderly manner. CBS remains proactive to take necessary action against those that do not comply with the applicable laws governing their operations.

Press release from CBS