By: N. Pirilides & Associates LLC
Key Amendments to the Cypriot AML Law Relating to the UBO Register
The Cypriot Prevention and Suppression of Money Laundering Activities Law (the “AML Law“) was amended on 6 December 2024, introducing important changes to the provisions concerning the central register of beneficial owners (“UBO Register“).
The main amendments of which are analyzed below:
- Monetary charges will only be imposed on the company (or the legal entity), which refuses or omits or neglects to fulfil the submission obligation of beneficial owners’ data. Such financial burdens will not be imposed on the director and/or secretary of such company.
- A director or managing director of a company, who refuses or omits or neglects to fulfil the obligations of submitting data for the beneficial owners, is jointly and/or severally liable with the company for the repayment of the financial burden imposed on the company.
- Such monetary charges have been revised. Specifically, a monetary charge of one hundred euros (€100) will be imposed on the first day of violation and a further monetary charge of fifty euros (€50) for each day the violation continues, with a maximum total charge of five thousand euros (€5,000) per company or other legal entity.
- Addition of a provision, which gives the power to the Registrar of Companies to delete from the register a company or other legal entity that refuses or omits or neglects to fulfil its obligations to update the details of the beneficial owners.
- Addition of a provision, which gives the authority to the Registrar of Companies to apply to the Court for the issuance of an injunction ordering the compliance of any person with the obligations arising from the AML Law.
Extension and recall of Financial Charges
The deadline for submission of the UBO information has been extended to 31/01/2025. From 01/02/2025, non-compliance with the submission of the details of UBOs will result in the imposition of administrative and other sanctions.
