The Department of the Registrar of Companies has announced that the Beneficial Ownership Register (UBO Register) system will be open from October 1st to December 31st, 2024. During this period, all legal entities registered under the Companies Law, Cap. 113 are required to confirm or upload their Beneficial Ownership information to the platform.
Penalties for Non-Compliance
Failure to comply with this obligation will result in significant penalties:
-€200 fine on the first day of non-compliance.
-An additional €100 per day for each continuing day of violation.
-The maximum cumulative penalty is capped at €20,000.
-Criminal liability may also apply in certain cases.
Compliance is Mandatory
This update is a key part of Cyprus’s efforts to enhance transparency in corporate structures and align with EU anti-money laundering directives. Entities are encouraged to act promptly and ensure accurate and timely submission of information to avoid financial and legal consequences.