All provisions · Beneficial Ownership Regulations 2020 · Access to the database
r.17 Disclosure of information from the database
(1) Information obtained from the search on the database shall be treated as confidential and shall not be disclosed except for a permitted purpose under these regulations.
(2) Notwithstanding sub-regulation (1), any information obtained from the database by a specified entity may be shared with any foreign counterpart agency —
(a) if the disclosure is made in response to a formal request made by the foreign counterpart agency;
(b) the request is made in furtherance of the agency's functions; and
(c) the request and response are made in such manner and form consistent with the appropriate laws governing foreign information sharing by those specified entities.
(3) Any person who discloses any information obtained from the database other than for what is permitted under these regulations, shall be terminated from employment and also liable to a fine not exceeding SCR20,000 or to imprisonment for a term not exceeding one year or to both.
(4) Any person who discloses information accessed from the database commits an offence, if the person knows or suspects that any information or other matter disclosed may prejudice a criminal, civil or regulatory investigation which is being or may be carried out, or which have been or may be initiated.
(5) A person guilty of an offence under sub-regulation (4), shall be terminated from employment and also liable to a fine not exceeding SCR20,000 or to imprisonment for a term not exceeding one year or to both.
(2) Notwithstanding sub-regulation (1), any information obtained from the database by a specified entity may be shared with any foreign counterpart agency —
(a) if the disclosure is made in response to a formal request made by the foreign counterpart agency;
(b) the request is made in furtherance of the agency's functions; and
(c) the request and response are made in such manner and form consistent with the appropriate laws governing foreign information sharing by those specified entities.
(3) Any person who discloses any information obtained from the database other than for what is permitted under these regulations, shall be terminated from employment and also liable to a fine not exceeding SCR20,000 or to imprisonment for a term not exceeding one year or to both.
(4) Any person who discloses information accessed from the database commits an offence, if the person knows or suspects that any information or other matter disclosed may prejudice a criminal, civil or regulatory investigation which is being or may be carried out, or which have been or may be initiated.
(5) A person guilty of an offence under sub-regulation (4), shall be terminated from employment and also liable to a fine not exceeding SCR20,000 or to imprisonment for a term not exceeding one year or to both.
Amendments
S.I. 7 of 2025, 27.01.2025 · Made, not yet in force
made 17 January 2025, comes into operation on a date the Minister appoints by notice in the Gazette; no such notice found (13 November 2026)
Regulation 17(2), (3) and (5) amended: distinguishes Part A authorities from banks and licensees in Part B of the Second Schedule to the Act; fines up to SCR 400,000 for others. Full text under regulation 16.
Official source: Beneficial Ownership Regulations, 2020 (S.I. 107 of 2020), Consolidated by us with S.I. 32 of 2023 and S.I. 64 of 2025; S.I. 7 of 2025 made but not yet in force