UBO Register – Important Announcement
All companies incorporated or registered under the Cyprus Companies’ Law, Cap 113 must either submit/update Ultimate Beneficial Owner information by 31 March 2024 or declare their exemption based on paragraph 3(1)(a)(b) of Directive AML/CFT112/2021.
Noncompliance will result in financial penalties from 1 April 2024.
From 1 April 2024, all the following actions will be available via the platform, and non-compliance will result in the imposition of penalties as follows:
UBO Update
- Any change to the UBOs must be updated within 45 days from the date the change comes to the attention of the company or its officers/partners.
- Newly incorporated companies must submit UBO information within 90 days from the date of establishment.
UBO Confirmation
- From 1 October to 31 December of each year, all organizations or their officers/partners must confirm the information existing in the UBO Register.
Mismatch
- Any mismatch notifications sent by the Registrar of Companies must be replied to and corresponding action be taken by the companies or their officers/partners in the UBO electronic system within 30 days from the date of receipt of such notification.
Please refer to the department’s announcement by clicking on the link. Please note that this is only issued in Greek.
Feel free to contact us for any further information you may need.
