Regulatory Alerts2024-01-01
Circular No. 6 of 2024 - Periodic Review of Beneficial Owners
The Financial Services Authority of Seychelles issued this circular to clarify the implementation of Regulation 13, which mandates legal persons and arrangements to conduct an annual review and verification of their beneficial owners. Effective 1 October 2024, entities with registration anniversaries between October and December are exempt from the 2024 review cycle, while all others must complete their annual verification within three months prior to their anniversary date and submit a compliance declaration to their resident agent within one month thereafter. Failure to adhere to these timelines triggers FSA enforcement actions, and entities must ensure all updated beneficial ownership data is promptly populated into the official registry database.