In the context of implementing the 4th AML European Directive into Cyprus law, section 61A(4)(a) of the Prevention of Money Laundering and Terrorist Financing Law, provides for the maintenance of a central register of ultimate beneficial owners of companies and other legal entities (“UBOs”).

On the 16th of December 2020, the Council of Ministers decided to:

  • appoint the Registrar of Companies and Official Receiver of the Ministry of Energy, Trade and Industry, as the competent authority for the maintenance of the central register of UBOs444666, and
  • provide the Registrar with the authorization to collect the relevant information through the platform/system already in place.

Further to the above, the Registrar of Companies announced that the data collection for companies will begin on 18.01.2021.

From this date onwards, entities will be granted a period of 6 months (ie until 19/7/2021) for the purposes of registering the applicable information concerning their UBOs. It is highlighted that, the system that has been developed is an intermediate solution and access is only provided to the competent authorities, upon request to the Registrar of Companies; therefore, it will not be available to the wider public. All information will then be transferred to the final platform that will be developed during the second half of 2021. Access to such platform will be granted based on the provisions of the 5th AML European Directive.

It is noted that all companies and legal entities are obliged to comply with the relevant new provisions.

More information and the relevant link for submitting the above information will be provided by the Cyprus Registrar of Companies in due course. Hence, we will share more detailed information once these become available.

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