Seychelles Financial Services Authority – the Seychelles financial services Authority regulates and licenses a variety of businesses, including the gambling industry. The office was established in 2013 and took office in early March 2014. Online and offline gambling is subject to mandatory regulation.
Seychelles Financial Services Authority review
Seychelles Is a small country with an area of 450 sq. km. consisting of several Islands, located near the mainland of Africa in the Indian ocean. But, despite its small size, the Islands are attractive to many companies conducting various businesses, as it is an offshore territory with a loyal tax system.
The Seychelles Financial Services Authority (FSA) is an independent regulatory body. The activities of the regulator began in 2013 at the time of the adoption of the law "on financial services management". Previously, the main law regulating the duties of the regulator was: "Seychelles International Business Act (SIBA)" adopted in 1994. But with the development of the gambling entertainment industry, greater transparency was required, which led to the creation of a new bill.
The main aspects of the work of the FSA are:
- Monitors and adjusts a variety of business in the financial services industry that is not related to the banking sector in Seychelles
- Ensuring compliance with regulatory requirements
Main activities licensed by the regulator:
- Capital markets and collective investment
- Games of chance
The organization is sensitive to the protection of the interests of its citizens and other users using the services of business licensed in Seychelles. On the official website, you can find a special form through which you can leave a complaint if the rights of players (casino) or other customers have been infringed.
License types of Seychelles Financial Services Authority
Under local law, any gambling activity in the state is subject to licensing. Note that unlike other similar licenses, where it is necessary to operate a large number of varieties of licenses (sometimes with an overabundance) in Seychelles, everything is very concise. There are only three types of gambling license:
Casino license – this type of licensing is required to open a land-based casino
Slot machine license – the license is issued for slot machines located in offline (land)
Interactive gaming license – any gambling carried out by means of communication (Internet, TV, phone) is licensed. That is, this type of licensing is used for online casinos.
Accordingly, depending on the planned activity, it is enough to simply fill out an application for a license. The application form is available on the official website of the regulator.
Important aspects of obtaining a license in Seychelles are:
- On the territory of the state must be installed "mirror server", if licensed online casino. That is, all information should be duplicated so that the regulator could easily access it at any time.
- The founders of the company must include a citizen of Seychelles
The cost of licensing in the framework is quite low in comparison with similar jurisdictions. Fee for consideration of the application for a license:
- The interactive license is about $4000.
- The casino license is approximately $2000.
- The license of slot machines is $1000.
After obtaining a license, you must pay a fee:
- The interactive license is about $22,000.
- The casino is licensed for approximately $75,000. Also, for each slot machine installed in the building of the institution, you will need to pay about $190. An average of $270 is paid for each table.
- The slot machine license averages $190, per slot.
All types of licenses are valid for one year. To renew the license, a Commission is paid equal to the amount of fees paid by the company after obtaining the license.
The regulator has developed entire management, consisting of eight pages to aid the registration of complaints. Such a detailed instruction was required, as in the area of responsibility of the regulator is a very wide list of different branches of business. We recommend that you read this manual for reference.
Appeals should be sent to the following email address: [email protected] or use the feedback form on the official website. The average time of consideration of appeals of players is four weeks.
It should be noted that complaints are considered by the fair trade commission (FTC) and only after the player has tried to settle the issue with the licensee (casino). After receiving the client's request, the FTC analyzes the information and passes it to the FSA. And only after the Management takes any action.
Regulator licensed casinos
The network does not yet have an online casino with a gambling license issued by the Seychelles financial services Authority.
According to Casinoz, such a versatile approach to the desire to regulate a large number of business areas by one organization leads to its low efficiency. For example, on the official website of the Department, it is quite difficult to get all the necessary information to the player, there is not even a clear register of licensed online casinos. It is also quite a confusing process of filing a complaint against any gambling establishment, although it is possible.
But the availability of, any regulator, this already well. In addition, the financial services Authority of Seychelles is rapidly developing, which has a beneficial effect on the industry.