By: .A.G. Paphitis & Co Law firm
On 13th of May 2022, the Cyprus Securities and Exchange Commission (CySEC) announced the launch of the online platform for the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR)The CyTBOR platform, will allow easy and prompt searches for up-to-date information and data in relation to the beneficial owners of Express Trusts and Similar Legal Arrangements.
As such, data available will enable for direct search and identification of settlors, trustees, protectors (if any), the beneficiaries and any other natural person exercising supreme control over the trust by direct or indirect ownership, or any other means.
Pursuant to article 61C (4) (a) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, derives the requisite for the Registry (CyTBOR), which is in full harmony with the 4th and 5th European Directives or the Prevention and Suppression of Money Laundering and Terrorist Financing.
Chairman of CySEC, Dr. George Theocharides stated that: “This is a very important project both for the Cyprus Securities and Exchange Commission and our country, helping to provide full transparency and compliance for all supervised entities, ensuring the credibility of the market.”
Furthermore, in addition to CySEC, all supervisory authorities, such as the Taxation Department, Customs Department, MOKAS and the Police, will retain unhindered access to the platform, however, within the framework of their responsibilities.
Concurrently, CySEC will be capable to provide timely information on the beneficial owners of express trusts and similar legal arrangements to the relevant competent authorities of other (European Union) Member States. Consequently, liable entities will hold access to the Register, as part of due diligence and identification measures of their respective clients.
It should be noted that, CyTBOR platform is available to trustees as of 17th of May 2022 and all respective parties as of 17th of June 2022.
The information provided by A.G. Paphitis & Co. LLC is for general informational purposes only and should not be construed as professional or formal legal advice. You should not act or refrain from acting based on any information provided above without obtaining legal or other professional advice.
For further information please contact us.
