Seychelles expands access to beneficial ownership information

Seychelles expands access to beneficial ownership information

In December 2024, the Seychelles Government announced plans to expand the list of organisations that can access information on Seychelles companies’ beneficial owners (BO). Consultations with the industry are underway, but the likelihood of adopting the amendments is very high. The changes are expected to come into effect no earlier than 2026.

This measure aims to further enhance the financial system’s transparency and ensure compliance with international standards in combating money laundering (AML/CFT). However, there are still no plans to provide public access to the register of beneficial owners.  

How is beneficial ownership data currently kept in Seychelles?

Data on beneficial owners of Seychelles offshore companies is stored at two levels – with the local registered agent and in a central database.

Level Duties (functions)

Registered agent

Legal entities are required to identify and verify their beneficial owners and maintain a register of their details at the registered agent’s office in Seychelles. They should also keep the register accurate and up-to-date.

Financial Intelligence Unit (FIU)

Based on the data provided by registered agents, the FIU creates a centralized database of beneficial owners and provides access to it only upon request of law enforcement and other Seychelles competent authorities.

Registered agent level

The Beneficial Ownership Act 2020 (entered into force on 28 August 2020) provides for the obligation of all Seychelles legal entities and other legal arrangements (in particular trusts) to maintain their internal register of beneficial owners.

Such a register is a confidential corporate document kept at the place of business of the company’s registered agent in Seychelles. It is accessible to the directors and members of the company (or the relevant persons in trusts, foundations or partnerships). A company may maintain its register in the electronic form.  

The register must contain the following details about each beneficial owner:

  • the name, residential address, service address, date of birth and nationality of each beneficial owner;
  • details of the beneficial interest of each beneficial owner;
  • the date on which a person became a beneficial owner;
  • the date on which a person ceased to be a beneficial owner;
  • where a nominee holds interest on behalf of the beneficial owner— the details of such nominee and the nominator. 

The registered agent must provide information from the BO register upon written request from the Seychelles competent authorities (Financial Intelligence Unit or Financial Services Authority), law enforcement agencies, the Registrar of Companies, the licensing authority (if the company carries out licensed activities), the Central Bank, or the court.

Central database level 

Registered agents in Seychelles must transmit the beneficial ownership information of the companies they serve to the Financial Intelligence Unit (FIU). The FIU is mandated to maintain a centralized beneficial ownership database, which is not publicly available. 

The FIU may only provide information from the said database to the authorities listed in the BO Act 2020, namely:

  • Anti-Corruption Commission of Seychelles;
  • Central Bank of Seychelles;
  • Financial Crime Investigation Unit; 
  • Financial Services Authority;
  • Office of the Attorney General;
  • Registrar of Associations;
  • Registrar of Companies;
  • Seychelles Revenue Commission.

Access to information is granted only to officials specially authorized to do so and only for purposes permitted by law (primarily to prevent, solve, and investigate crimes).

Proposed changes

The proposed amendments to the BO Act 2020 expand the list of entities that can access the database of beneficial owners. This initiative will improve the quality of due diligence procedures carried out by such entities.

If the amendments are adopted, the following organisations will get access to the beneficial ownership data:

  • Banks;
  • International Corporate Service Providers (ICSP);
  • Seychelles Credit Union; 
  • Seychelles Housing Finance Company;
  • Development Bank of Seychelles.

These entities will be able to verify their clients’ beneficial ownership information through the central database. This right will be granted to only specially appointed officers of such entities responsible for compliance.      

The only legitimate purpose of searching for information by the said entities will be customer due diligence, which is necessary to properly implement anti-money laundering legislation requirements. 

Section 35 of Anti-Money Laundering and Countering the Financing of Terrorism Act 2020, requires obligated entities to carry out customer due diligence measures. Such measures include establishing the customer’s identity based on documents and other reliable sources and identifying and verifying the customer’s beneficial owner (if the customer is not the beneficial owner). 

Searching for information on beneficial owners for other purposes will be prohibited. The draft provides for criminal sanctions (fines and/or imprisonment for up to one year) for access to the database for purposes not provided for by law or for the unlawful disclosure of information obtained from the database. 

In addition to granting new entities the right to access the BO database, the database itself is also planned to be renewed by transferring data from the existing database. The renewed BO database is expected to be put into operation in 2026. 

Preliminary conclusions 

  • From 2026, not only law enforcement or supervisory authorities but also other organisations will have access to the centralized database of beneficial owners in Seychelles – primarily local banks and trust and corporate service providers (registered agents).
  • As a result, all seven banks and sixty-two registered agents in Seychelles will have access to the database of beneficial owners of Seychelles companies (as well as trusts, private foundations and partnerships). This means some weakening of the confidentiality regime for beneficial ownership information. At the same time, such access will not be carried out arbitrarily (at any time and for any reason) but under the established procedure and for clearly defined purposes
  • Banks and corporate service providers at all times manage their clients’ beneficial ownership information when accepting a client for service. As a result of the changes under consideration, banks and registered agents will only receive an additional tool for verifying the information that they are required to possess under AML/CFT legislation. 
  • Based on the available information, the beneficial ownership data will remain confidential, i.e., inaccessible to the general public, and will not be provided upon request by any interested parties. However, the list of entities that, according to the draft law, will have access to the central database may not yet be final. 
  • The proposed changes to the beneficial ownership information regime will not affect the benefits of company formation in Seychelles. The jurisdiction seeks a balance between business privacy and compliance with its international obligations.  
Click to rate this page!
[Total: 5 Average: 5]

Share this

Facebook
LinkedIn
X
Telegram
WhatsApp
Skype
VK
Print

Questions? Contact Us or Order Now

Please enable JavaScript in your browser to complete this form.
Subscribe to Newsletter
Scroll to Top