Regulatory Alerts2023-05-05
Added · Updated
Circular No. 4 of 2023 – Beneficial Ownership Best Practices
The Financial Services Authority (FSA) issued this circular to mandate best practices for beneficial ownership compliance among Seychelles reporting entities and international corporate service providers. Licensees must update their AML/CFT compliance manuals to include dedicated beneficial ownership sections, implement sample testing of ownership data during periodic reviews, and align staff training with the identification and ongoing maintenance requirements of the Beneficial Ownership Act. These measures ensure accurate register updates, effective policy implementation, and consistent verification of beneficial owners throughout the incorporation, registration, and annual renewal processes.