Additional updates to the Seychelles Beneficial Ownership Act

The Seychelles have enacted the Beneficial Ownership (Amendment) Regulations, 2023 (“the Regulations”) on 28 April 2023.

Below are some of the additional updates in the Regulations:

• Updated definition of Beneficial Owner
• New Declaration of Beneficial Owner template
• New yearly review obligation by legal entities
• Elimination of the prescribed Register of Beneficial Owner template

For full details on the above, please refer to the link here.

Reference materials:

• Seychelles Financial Intelligence Unit – Acts & Regulations