The registry of beneficiaries in Cyprus will be introduced on January 1st, 2020
Since January 1st, 2020, a register of final beneficiaries will be introduced in Cyprus, in accordance with 5th Anti-Money Laundering EU Directive entered in force in July, 2018
The registry will be available to law enforcement agencies, tax authorities, anti-money laundering units (M.O.K.A.S) and also for banks to check the clients.
Within 6 months from the moment the law enters into force legal entities and trusts must collect and provide the Regulator with the information about all their beneficiaries. Companies should provide the Regulatory body with information concerning any changes in beneficiaries’ information within 30 days.
In case of not providing with information in time the Law can impose certain penalties.
On materials of the following website: https://www.cysec.gov.cy/en-GB/public-info/circulars/
https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32018L0843
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