Extension of Submission Deadline to the Register of Beneficial Owners

On January 17, 2024, the Department of the Registrar of Companies and Intellectual Property of Cyprus ("ROC"), announced the extension of the submission of Beneficial Owners details, for all Companies and other legal entities, in the final electronic system solution for the Beneficial Owners Register of the ROC until March 31, 2024.

Penalties for Non-Compliance:
Companies and legal entities that fail to submit the required Beneficial Owners details by March 31,2024 will face penalties in accordance with the Prevention and Suppression of Money Laundering and Terrorist Financing Law 188(I)2007. The maximum total fine for non-compliance is twenty thousand Euros (€20,000).

Potential Refund of Financial Penalties:
Furthermore, ROC issued an announcement stating that it submitted a written request to the Law Office of the Republic seeking an opinion on the potential refund of financial penalties for failing to adhere to the previous deadline, December 31, 2023.

How can Bybloserve Management assist you?
We can advise and assist you in submitting the required information to the UBO Registry and provide any support that may be necessary to ensure compliance with these regulatory obligations and avoid any penalties or other liabilities that may be imposed.

DISCLAIMER: The information contained herein is provided for general information purposes only and does not constitute and neither shall be construed as legal or other professional advice. Neither Bybloserve Management Limited nor any of its employees accept any liability for any loss arising from relying on the information contained herein.

How can we assist you?


Marina Frangou
Associate
Advocate - Legal Consultant

LLB
Cyprus Bar Association
+357 24812190
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