solutions. similarly, our current financial landscape is also having to change to accommodate the opportunities brought about by the advances in technology and rise of the digital era. the use of 1 / 3 bis central bankers'speeches innovative technology in the design and delivery of financial services and products is transforming the way we transact and most importantly, the way money is presented. in seychelles however, there is still some level of reticence among much of our population to move towards newer technologies. a tour of town at 7. 30 in the morning on any given day will show long queues outside the banks, of clients waiting for bank opening hours to either withdraw or deposit cash, although there are atm facilities and an increasing number of merchants avail their customers the use of pos machines for instant payment. although the level of fintech in seychelles still has some way to go to get to the highest possible level, there is no mistaking the growing interest in harnessing the possibilities. in 2014, the central bank of seychelles issued a telecom provider, airtel seychelles, with a license to offer mobile money transfers – the first license issued by the institution to a payment service provider offering a service based on a fintech solution. since then, the central bank has initiated a number of projects as part of efforts to encourage innovation in the payments sphere. these would include : the drafting of the e - money regulations which will set the licensing framework to introduce emoney issuers. an amendment to the foreign exchange act which will enable entities licensed under the national payment systems act and the e - money regulations ( once in effect ), to conduct cross border transactions and engage in the selling and buying of foreign exchange. the reformation of the national payments council so as to act as a conduit to promote innovation in the payments sphere. as the sole institution with the mandate of ensuring financial stability, the central bank of seychelles has, for some time, realised that it needs to further understand the dynamics of the phenomenon, which has given rise to technological innovation such as biometric authentication, mobile money and wallets, cloud computing, cross border remittances, blockchain technology, big data, to name but a few. most importantly, it is imperative that the bank understands the impacts that fintech has on the financial institutions falling under its regulatory purview and subsequently, on the stability of the financial system. fintech is challenging what had become a slow paced and conventional industry, transforming it into a dynamic and vibrant ecosystem.

transparency also facilitates information sharing and international cooperation to combat cross - border financial crimes. all stakeholders, including financial institutions, have a crucial role to play in assisting this endeavour. compliance officers, in particular, are entrusted with the gate - keeping role of ensuring that your respective entities adopt and implement practical and effective policies and procedures that help to detect, prevent and mitigate money laundering and terrorism financing risks. i am therefore pleased to see the participation of compliance officers from the different entities supervised by the central bank in today's session. this is an opportunity to enhance your knowledge on various topics, such as beneficial ownership disclosure standards and your respective institutions'aml / cft obligations. more importantly, you will be presented with the beneficial ownership guidelines - a new tool that outlines best practices and approaches to identifying and verifying beneficial ownership information of your legal entity customers. i hope you make the most of this training and also take the opportunity to share your experiences, ask questions, and engage with the facilitators and representatives of the supervisory authorities to boost your capabilities to further strengthen the compliance of your respective financial institutions. only through our combined efforts and dedication can we achieve the goal of having a robust and effective legal framework that aligns with international standards and protects the integrity of the country's financial system. on this note, i wish you all a fruitful training session. thank you. 2 / 2 bis - central bankers'speeches