For each natural person identified as a “beneficial owner” within the scope of The Prevention and Suppression of Money Laundering and Terrorist Financing Law (L.188(I)/2007), as amended, the following information must be recorded: full name, date of birth, nationality, residential address and identification document, the nature and extent of the beneficial interest held, the date on which the natural person was entered onto the register as a UBO and the date of changes in the particulars or on which the natural person has ceased to be a UBO. Categories of information are also applicable to trusts, foundations, other similar legal arrangements or listed companies as beneficial owners. In cases where no natural person is identified as the beneficial owner based on the ownership rights (or when there is doubt whether the person identified is the beneficial owner of a given entity) the details of the senior management official will be submitted. The responsibility for the submission of information lies with the given entity and its officials.

For new entities, which have been registered or incorporated after 16 March 2021, the deadline to record information onto the UBO Register is 30 days. For all other entities, the deadline is 6 months following the Interim Solution’s launch date (i.e., until 16 September 2021).

Companies and other legal entities affected by the implementation of the UBO Register are advised to liaise with their Administrative Service Providers (ASP) and Corporate & Legal advisers at their earliest opportunity to ensure compliance with the new legislative framework.

(This newsletter article is an update to our earlier article entitled: Establishment of UBO Register for companies in Cyprus: important update)