Important Update on the Cyprus UBO Register Implementation

The Department of Registrar of Companies and Intellectual Property has made a significant announcement regarding the commencement of the final electronic system for the Register of Beneficial Owners (UBO Register). This system, integral to The Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2021, goes live on 14th November 2023. Entities can access the system through https://ubo.meci.gov.cy/ using their Government Gateway Portal (Ariadni) credentials. The final solution aims for full implementation within 2024.

Detailed Implementation Phases

Phase A: 14/11/2023 – 31/12/2023

In this phase, all entities under the Companies Law, Cap. 113, European Public Limited Liability Companies (SE), and Partnerships must undertake “Initial Registration” in the new system. This involves updating and re-registering UBO details, with previously submitted information in the interim system available for reference. This phase, lasting approximately one and a half months, will not incur any fines for compliance actions.

Phase B: 01/01/2024 – 29/02/2024

Entities that have not updated their UBO information as required in Phase A will face fines. These fines start from 01/01/2024 until the submission date. Following the payment of fines, entities can amend or re-submit details without additional financial burden. The penalties include a €200 fine and a daily fine of €100, accumulating up to a maximum of €20,000.

Phase C: 01/03/2024 onwards

From March 2024, all actions as per Directive K.D.P. 112/2021 (as amended) will be accessible. This includes updating the UBO Register, confirming submitted details, addressing mismatches, electronic searches, requests for exemption from disclosure, access to minor details, and calculating applicable fines and charges.

Compliance Resources and Contact Information

Entities are reminded of the criticality of compliance with this directive to avoid potential criminal liability or prosecution. For clarifications or inquiries, visit the Register of Beneficial Owners section for detailed information on profile creation, submission of BO details, fines, FAQs, and guidance. If your query is not addressed by the provided materials, direct it in writing exclusively to [email protected].