After July 31, 2022, the interim solution of the Registry of Beneficial Owners (UBO) will be operational

The Ministry of Energy, Commerce, and Industry's Department of the Registrar of Companies and Intellectual Property notifies the business community that the operation of the interim solution for registration in the Register of Beneficial Owners for firms and various other legal entities will continue after July 31, 2022, and until the execution of the permanent solution, for which the Department will soon make an announcement.

On the basis of the guidelines in the Registrar of Companies directive KDP112/2021, it is advised that businesses or various other legal entities that have not yet completed their duties to update the UBO register must make sure to do so.

The provisions of Article 11 of the Directive, which imposes a financial burden on the company and each of its employees for failure to adhere to the relevant provisions of the Directive, along with the provisions of Article 61A(10)(f)(i) of the Prevention and Suppression of Money Laundering Activities Law of 2007, which provides that failure to comply with the obligatory requirements of the Prevention and Suppression of Money Laundering Activities Law of 2007 will automatically take effect as soon as the final solution is put into operation.

For more information in regards to the Registry of Beneficial Owners (UBO), please contact us at: info@savvacyprus.com