Cyprus UBO Register – A Practical Guide

The phased implementation process of the final electronic system solution of the Cypriot Register of Beneficial Owners of companies and other legal entities (the "UBO Register"), which commenced on 14 November 2023, will be completed on 1 April 2024. The shift to the new platform is expected to enhance the efficiency of the UBO Register and to align it further with the transparency obligations stemming from the underlying EU AML Directives and the Cypriot Prevention and Suppression of Money Laundering Activities Law (the "AML Law").

In anticipation of the final implementation, this article aims to serve as a practical guide of the steps that need to be taken to ensure compliance with the relevant regulatory requirements.