UBO PUBLIC REGISTRY IN CYPRUS & FIFTH AML DIRECTIVE

UBO PUBLIC REGISTRY IN CYPRUS & FIFTH AML DIRECTIVE

On 16 December 2020, the Cyprus Council of Ministers, on the basis of a relevant proposal of the “Advisory Authority for Combating Money Laundering and Terrorist Financing”, decided to:

  • appoint the Cyprus Registrar of Companies and Official Receiver (the “Registrar”) as the “competent authority” for the maintenance of a central register of the ultimate beneficial owners (UBOs) of companies and other legal entities, and
  • authorize the Registrar to collect the relevant information about the UBOs through an online intermediate solution system that has been developed.

 

The commencement for such collection of information/data is set for Monday, 18.01.2021 and a period of six (6) months will be granted to companies and other legal entities to comply, i.e. until 19.07.2021.

It must be emphasized that the said system that has been developed is an intermediate solution and access to it is possible only for the competent authorities, upon a request to the Registrar.

The information collected will be transferred to the final system solution to be developed in the second half of 2021 and access to it will be based on the provisions of the 5th EU Directive 2018/843 of the European Parliament and of the Council of 30 May 2018 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing.

Source: https://www.companies.gov.cy/gr/%CE%B2%CE%AC%CF%83%CE%B7-%CF%80%CE%BB%CE%B7%CF%81%CE%BF%CF%86%CE%BF%CF%81%CE%B9%CF%8E%CE%BD/%CE%BD%CE%AD%CE%B1/%CE%B1%CF%80%CF%8C%CF%86%CE%B1%CF%83%CE%B7-%CF%85%CF%80%CE%BF%CF%85%CF%81%CE%B3%CE%B9%CE%BA%CE%BF%CF%8D-%CF%83%CF%85%CE%BC%CE%B2%CE%BF%CF%85%CE%BB%CE%AF%CE%BF%CF%85-%CE%AD%CF%86%CE%BF%CF%81%CE%BF%CF%82-%CE%B5%CF%84%CE%B1%CE%B9%CF%81%CE%B5%CE%B9%CF%8E%CE%BD-%CE%B1%CF%81%CE%BC%CF%8C%CE%B4%CE%B9%CE%B1-%CE%B1%CF%81%CF%87%CE%AE-%CE%BC%CE%B7%CF%84%CF%81%CF%8E%CE%BF%CF%85-%CF%80%CF%81%CE%B1%CE%B3%CE%BC%CE%B1%CF%84%CE%B9%CE%BA%CF%8E%CE%BD-%CE%B4%CE%B9%CE%BA%CE%B1%CE%B9%CE%BF%CF%8D%CF%87%CF%89%CE%BD-%CE%B5%CF%84%CE%B1%CE%B9%CF%81%CE%B5%CE%B9%CF%8E%CE%BD-%CE%BA%CE%B1%CE%B9-%CE%AC%CE%BB%CE%BB%CF%89%CE%BD-%CE%BD%CE%BF%CE%BC%CE%B9%CE%BA%CF%8E%CE%BD-%CE%BF%CE%BD%CF%84%CE%BF%CF%84%CE%AE%CF%84%CF%89%CE%BD

(at this time information is only available in Greek)