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ARTICLE · 09 JANUARY 2025

Changes To UBO Register Penalties And Deadlines

Elias Neocleous & Co LLC
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A new amendment to Cyprus' AML regulatory framework has brought significant changes to the implementation of the Ultimate Beneficial Owner (UBO) Register and its related penalties, fines and deadlines.

CyprusCorporate/Commercial Law
Kyriaki Stinga
Kyriaki Stinga
Dorina Mastora
Dorina Mastora
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A new amendment to Cyprus' AML regulatory framework has brought significant changes to the implementation of the Ultimate Beneficial Owner (UBO) Register and its related penalties, fines and deadlines.

As outlined in previous publications, the UBO register is a centralised database which holds detailed information on the individuals who ultimately own or control legal entities registered in Cyprus.

The latest changes come in the form of the Prevention and Combating of Money Laundering (Amendment) (No. 2) Law of 2024 (number L.141(I)/2024) which was published on 6 December 2024.

A related Registrar of Companies Directive KDP423/2024, published on 16 December 2024, provides for additional legislative alterations.

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