All provisions · Beneficial Ownership Act (Cap. 251B) · Part I: Preliminary
4 Competent Authorities
(1) For the purposes of this Act, “Competent Authority” in respect of legal persons and legal arrangements—
(a) specified in Part A of Schedule 1, shall be the Financial Intelligence Unit;
(b) specified in Part B of Schedule 1, shall be the Financial Services Authority.
(2) Without limiting the generality of subsection (1), for the sole purpose of monitoring and assessing compliance with this Act, the Competent Authority may, during normal office hours and after giving reasonable notice to the legal person or legal arrangement, as the case may be—
(a) access the principal place of business of its resident agent;
(b) inspect the documents required by this Act to be kept by the legal person or legal arrangement; (Amended by Act 38 of 2022)
(c) examine and make copies or extracts of the documents belonging to or in the possession of the resident agent, that in the opinion of the Competent Authority relate to documents or information required to be kept by a legal person, legal arrangement or resident agent under this Act; (Inserted by Act 38 of 2022)
(d) seek information and explanations from the officers, employees, agents and representatives of the resident agent, if any, whether verbally or in writing in relation to information required to be kept by a legal person, legal arrangement or resident agent under this Act. (Inserted by Act 38 of 2022)
(2a) The Competent Authority may, where it appears to it that the circumstances are justifiable, exercise its powers under subsection (2) without giving notice to the legal person or legal arrangement. (Inserted by Act 38 of 2022)
(3) Any person who in any manner impedes, prevents or obstructs the Competent Authority in the conduct of an inspection under this section commits an offence and is liable upon conviction to a fine not exceeding SCR150,000. (Amended by Act 38 of 2022)
(a) specified in Part A of Schedule 1, shall be the Financial Intelligence Unit;
(b) specified in Part B of Schedule 1, shall be the Financial Services Authority.
(2) Without limiting the generality of subsection (1), for the sole purpose of monitoring and assessing compliance with this Act, the Competent Authority may, during normal office hours and after giving reasonable notice to the legal person or legal arrangement, as the case may be—
(a) access the principal place of business of its resident agent;
(b) inspect the documents required by this Act to be kept by the legal person or legal arrangement; (Amended by Act 38 of 2022)
(c) examine and make copies or extracts of the documents belonging to or in the possession of the resident agent, that in the opinion of the Competent Authority relate to documents or information required to be kept by a legal person, legal arrangement or resident agent under this Act; (Inserted by Act 38 of 2022)
(d) seek information and explanations from the officers, employees, agents and representatives of the resident agent, if any, whether verbally or in writing in relation to information required to be kept by a legal person, legal arrangement or resident agent under this Act. (Inserted by Act 38 of 2022)
(2a) The Competent Authority may, where it appears to it that the circumstances are justifiable, exercise its powers under subsection (2) without giving notice to the legal person or legal arrangement. (Inserted by Act 38 of 2022)
(3) Any person who in any manner impedes, prevents or obstructs the Competent Authority in the conduct of an inspection under this section commits an offence and is liable upon conviction to a fine not exceeding SCR150,000. (Amended by Act 38 of 2022)
Official source: Beneficial Ownership Act (Cap. 251B), Act 4 of 2020, Revised Edition as at 31 May 2024 (Acts 4 of 2020, 6 of 2021, 26 of 2021, 38 of 2022, 28 of 2023); Act 18 of 2025 worked in by us
