01 Mar, 2022

Extension for submitting UBO information in Cyprus

Categories: Uncategorized

Beneficial ownership register is a centralized register that contains information about the ultimate beneficial owners (UBOs)[1] of companies and/or other legal entities[2]. Under the 5th Anti-money laundering Directive, EU Member States were required to launch publicly accessible registers of beneficial ownership of companies. Beneficial Ownership Register (BO Register) in Cyprus is administered by the Department of Registrar of Companies and Intellectual Property (RoC) of the Republic of Cyprus.

Responsibility to file

Filing of UBOs details with the interim solution system[3] for the BO Register will be completed by entering the required information for each UBO through an online portal. The responsibility for the true and accurate submission of the UBO information lies with the legal entity itself and any of its officers.

Deadline

The deadline for collection and submission of the UBOs details in the interim system for the BO Register is 31st July 2022.

Penalties & fines

It is highlighted that fines and penalties may be imposed to legal entities and their officers that do not comply with the Directives of RoC and the provisions of the AML Law regarding the disclosure of all requested UBO data to the BO Register.

For more information, please contact us via email at [email protected]


[1] Ultimate beneficial owner means any natural person(s) who ultimately owns or controls the customer and/or the natural person(s) on whose behalf a transaction or activity is being conducted and includes, at least, a shareholding of 25% plus one share, or an ownership interest of more than 25% in the customer held by a natural person, hence an indication of direct ownership.

[2] Legal entities registered to the RoC and fall under the Law to submit beneficial owner (i.e. companies incorporated or registered under the Companies Law Cap.113 and European Public limited liability Companies).

[3] The interim system has been developed to facilitate the collection of data. Final version will be established after the conclusion of the interim solution and collection of all UBO information.