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+248 4294400

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devbank@dbs.sc

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Independence Avenue Victoria, Mahe Seychelles

Customer Due Diligence

Development Bank of Seychelles Awareness Customer Due Diligence
Author vision360 Categories Awareness Posted on

Securing Trust, Safeguarding Transactions: Exploring the Essence of Customer Due Diligence

The sole product provided by the Development Bank of Seychelles (DBS) is loan.

Like all reporting entities including the commercial banks, DBS has an obligation to identify and know its client and ensure that it identifies and understand all the risks associated prior to creating a financial relationship with its clients.

This is in line with the Laws and regulations in the fight against Money Laundering and Terrorism Financing. (AML/CFT ACT 2020)

The law makes provision for the Identification and verifications of proprietary and all individuals and entities having control ownership in legal entities (Beneficial Ownership Act, 2020)

Verification of Identity

DBS requests for either a Valid passport or National identity Card and additionally the Birth Certificate – The bank is required to screen its client against regularly updated sanction lists.

Verification of Proof of Address

The bank requests for submission of documentation as directed by the Central Bank of Seychelles for verification as credible source as proof of addresses below:

e.g Utility Bills/Invoice/Account Statement with Public Utilities Corporation (PUC) logo

Land-line Telecom Bills (Cable &Wireless (C&W), Airtel, Intelvision);

Entertainment Bills (C&W, Intelvision, Digital Satellite Television (DSTV));

Valid Lease Agreement duly signed by both parties

Special Cases

For those who do not hold a utility bill in their name and full address details. A signed letter from bill holder/lessee confirming residential address of the customer/applicant accompanied by the bill signed by the bill holder and a copy of the bill holder/lessee’s

Utility Bill on the name of a deceased person – A copy of the death certificate of the
deceased utility bill holder to be attached to the utility bill.

Verification for Source of Funds

The bank requests for legitimate source of fund and client must furnish the below details in order for the bank to establish a profile for each client:
Stamped Payslip from non-Government places
signed and stamped letter from employer confirming employment and providing details salary and position occupied for the period in employment.
Updated six months Bank Statement – this helps us to assess repayment pattern and any irregular transactions that may compromise the integrity of the Bank.
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