As of October 1st 2024, the Seychelles FSA will enforce the Regulation 13 of the Beneficial Ownership (Amendment) Regulations 2023 which requires all legal persons and arrangements to comply with the new requirements set forth in the Regulations. These regulations mandate a periodic review and verification of beneficial owners at least once every calendar year.
Key Requirements of the Regulation:
- Annual Review: Legal entities and arrangements are required to conduct a review and verification of their beneficial ownership information at least once annually. This review must take place within three months preceding the anniversary of the entity’s registration date.
- Declaration of Compliance: Following the completion of the aforementioned review, legal entities must submit a declaration of compliance to their resident agent in Seychelles no later than one month after their registration anniversary date.
- Exemption for the year 2024: Entities with registration anniversary dates between October 1 and December 31, 2024, are exempt from the 2024 review but must comply from 2025 onward. The FSA shall be undertaking on-site inspections to ensure compliance with this provision in the first quarter of 2025.
It is important to note that failure to meet these requirements could lead to enforcement actions and penalties by the FSA.