CBS revokes licence of GCC Exchange |22 March 2017

The Central Bank of Seychelles (CBS) has announced that it is undertaking the necessary action to revoke GCC Exchange’s bureau de change and payment service provider licences in line with sections 13(1) and 13(2) of the Financial Institutions Act, 2004 (FIA) and in line with Regulation 18(l) of the National Payment System (Licensing and Authorisation) Regulations, 2014 (the NPS Regulations).

The CBS said in a communique that the action is as a result of GCC Exchange’s non-compliance of provisions of the FIA and the NPS Regulations.

“As of March 17, 2017 and in accordance with section 14(1)(c) of the FlA, GCC Exchange is prohibited from providing any service to the public,” sates the CBS communiqué.