christophe edmond : risk - based supervision for digital financial services, money value transfer services, money remittances and bureau de change sectors closing remarks by mr christophe edmond, first deputy governor of the central bank of seychelles, at the regional workshop on “ risk - based supervision for digital financial services, money value transfer services, money remittances and bureau de change sectors ”, mahe, 30 may 2019. * * * governor representatives of the esaamlg secretariat, distinguished speakers and participants, ladies and gentlemen, good afternoon. i address you at the end of what has been four days of insightful and knowledge - fuelled interactions on risk - based supervision, particularly for the digital financial services, money value transfer services, money remittances and bureau de change sectors. we leave here with no doubt that the risk - based approach to supervision is central to the implementation of the financial action task force ’ s international standards on combating money laundering, and the financing of terrorism and proliferation. the discussions and sharing of experiences that have taken place over the past few days have helped us ascertain the level that has been reached by the different regulatory and supervisory authorities in the region, as well as the global trends and expectations. we now have a broader perspective of the effectiveness of such an approach to supervision, as well as the challenges it brings. some of the key takeaways include the need to have well - designed and effective aml / cft policies and supervisory frameworks, to help foster greater financial inclusion, and the importance of having a continuous risk assessment process. limitations of the different regulatory and supervisory entities, in particular the cost, the availability and the allocation of resources, were also highlighted, with a specific focus on the need for such challenges to be understood both at the institutional and national levels. increased awareness, collaboration, and cooperation between the different entities and the buy - in of government, are all essential factors that will contribute towards sound policy formulation and assist jurisdictions in understanding the cost of aml / cft compliance. while the supervisory challenges posed by the specific sectors of the financial system may vary, devoting more time to sectors and activities perceived to be of highest risk should be prioritised. risk - based supervision provides a rigorous framework for assessing and addressing risks and efficient allocation of resources, which can improve the efficiency and effectiveness of all supervision. although there are several important principles and approaches to risk - based supervision, it is essential to be mindful that there can

particularly extend my appreciation to the international finance corporation ( ifc ) for its support throughout the development of the financial leasing legislative framework, its unwavering assistance throughout the organisation of the forum and its contribution to the funding of this project. ifc remains one of our key committed partners in the development of leasing in seychelles since 2013, in line with its mandate. may i also acknowledge our local partner, the seychelles investment board which has assisted with the organisation of the forum and all other stakeholders which have contributed in one way or another to realise this event. a warm thank you to the team of panelists who have gracefully accepted to be here with us today to share their knowledge and experiences. i would urge all participants to engage actively with them and make the most of their knowledge. let us all contribute to create a dynamic financial leasing sector in the seychelles. ladies and gentlemen, i would like to thank you for your attention and i wish you all fruitful deliberations over the course of the two days. to our international guests, may your stay in the seychelles be a memorable one. thank you.