Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 11A : Beneficial Owners159A. Beneficial owners |
| (1) | For the purposes of this Chapter, ‘‘beneficial owner’’ means a natural person who, directly or indirectly, ultimately owns a financial institution or exercises effective control of that financial institution. |
| (2) | The Minister, the Reserve Bank and a financial sector regulator are not, in those capacities, beneficial owners of a financial institution. |
[Section 159A inserted by section 63 of the General Laws (Anti-Money Laundering & Combating Terrorism Financing) Amendment Act, 2022 (Act No. 22 of 2022) Notice No. 1532, GG47802, dated 29 December 2022 - effective 31 December 2022 per Proclamation Notice 109 (a), GG47805, dated 31 December 2022]