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ARTICLE · 03 MARCH 2021

Cyprus Launches UBO Register

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Cyprus has elevated its ultimate beneficial owner (UBO) reporting status by implementing all of the mechanisms for the creation, operation and maintenance of a UBO register.

CyprusGovernment, Public Sector
Elena Christodoulou
Elena Christodoulou
Fabian Cabeza
Fabian Cabeza
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Introduction

Cyprus has elevated its ultimate beneficial owner (UBO) reporting status by implementing all of the mechanisms for the creation, operation and maintenance of a UBO register. The UBO register is a requirement emanating from the amended Fourth EU Anti-money Laundering Directive (4AMLD). The 4AMLD was transposed into national legislation on 3 April 2018 by the Prevention and Suppression of Money Laundering and Terrorist Financing Law (13(I)/2018), Article 61A(4)(a) of which specifically provides for the introduction of a UBO register. According to a 21 December 2020 announcement by the Companies Registrar Department, as amended, relevant entities must submit information on their UBOs for inclusion in a newly created and centralised UBO register within six months of 22 February 2021.

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