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ARTICLE · 06 JANUARY 2025

Important Changes To The Framework Of The UBOs' Register

KPMG in Cyprus
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The Department of Registrar of Companies and Intellectual Property (DRCIP) announces that on 06/12/2024, the Prevention and Suppression of Money Laundering (Amendment) (No. 2) Law of 2024...

CyprusCorporate/Commercial Law
Tassos J. Yiasemides
Tassos J. Yiasemides
Constantinos Mitsingas
Constantinos Mitsingas
Georgia Yiangou
Georgia Yiangou
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Important Changes to the Framework of the Register of Beneficial Owners

The Department of Registrar of Companies and Intellectual Property (DRCIP) announces that on 06/12/2024, the Prevention and Suppression of Money Laundering (Amendment) (No. 2) Law of 2024, numbered N.141(I)/2024, was published. The main amendments are as follows:

1. Monetary Penalties: Monetary penalties will now only be imposed on the company or other legal entity that refuses, omits, or neglects to fulfill its obligations to submit information about beneficial owners. These obligations arise under the provisions of Law 188(I)/2007 and its corresponding Directives. Penalties will no longer be imposed on individual directors or secretaries.

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