Please be informed that on 16 March 2021, the Department of the Registrar of Companies announced the implementation of the interim system solution for the Beneficial Owner (BO) Register for companies and other legal entities. This is the result of the enactment of the amendment Law 13(I)/2021 which introduces changes to the “Prevention and Suppression of Money Laundering and Terrorist Financing Law” in order to be harmonized with the 5th European Directive (EU 2018/843).
All companies and other legal entities incorporated in the Republic of Cyprus are now obliged to identify and record onto the BO Register all relevant information about their ultimate beneficial persons who own or control them.
A six-month period has been granted for the submission of the relevant information into the interim system. During this period, you may be contacted so as to confirm the information that will have to be entered into the aforesaid system.
For your information, the relevant Guidance for the interim system solution and other related information, as issued by the Registrar of Companies, can be found by clicking here.
For any further assistance that might be required in this respect, please contact Melina Dionysiou (Head of Corporate).
