Seychelles expands access to data on beneficiaries of companies
The Seychelles government has announced plans to expand the list of organizations with access to data on beneficial owners of Seychelles companies. The amendments are currently under discussion, but their adoption is highly likely. The new rules will come into effect no earlier than 2026.
Current Data Storage Procedures
Data on beneficial owners of Seychelles companies is recorded at two levels:
- The company and the registered agent – maintaining a register of beneficiaries accessible only to the company's directors and members.
- Centralized database of the FIU – information is provided only to authorized government agencies (anti-corruption and financial services, prosecution, tax authorities).
Planned Changes
Amendments to the 2020 Law propose expanding the range of organizations with access to the centralized database. New users will include:
- Banks,
- Corporate service providers (ICSPs),
- Housing finance company.
Access to the database will be limited to client verification under anti-money laundering (AML/CFT) legislation. Any use of information for other purposes will lead to criminal liability.
Implications of the Changes
Starting in 2026, banks and corporate service providers will be able to verify the data on beneficial owners of their clients. However, confidentiality of information will be maintained – public access to the register is not provided. The new measures align with international transparency standards while preserving the balance between data protection and Seychelles' commitments to the global community.
