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Regulatory Blog

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Cyprus Registrar advises no penalties under its “interim” UBO register
On 5 August 2022, the Department of Registrar of Companies and Intellectual Property of the Ministry of Energy, Commerce and Industry announced that no penalties would be imposed for failures to comply with filing requirements under its interim register for Beneficial Ownership information.
Cayman: Competent authority for beneficial ownership publishes guidance notes
Cayman’s competent authority for beneficial ownership recently published guidance notes on complying with beneficial ownership obligations in the Cayman Islands.
CySEC commenced the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements
The Cyprus Securities and Exchange Commission (CySEC) announced that the online platform for the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR) is operational and has been accessible to trustees as of 17 May 2022 and for all other parties involved, as of 17 June 2022.
Cyprus Beneficial Owner data due by 31 July 2022
In 2021, the Cyprus competent authorities announced the establishment of the central register of the beneficial owners of companies and other legal entities, to the extent that they are registered with the Department of Companies and Intellectual Property, in an effort to comply with the European Union Directive against money laundering and terrorist financing.
Cyprus issues Guidance for its Beneficial Ownership Register
On 12 April 2022, the Cyprus authorities published a Guidance for the interim solution of the Beneficial Ownership (BO) Register, providing information aiming to assist users in filing the relevant BO information onto the interim system solution that has been developed to facilitate the collection of data for the BO register.
Expert Review: Episode two – Beneficial owner concept: Alternative perspectives
In this second episode, Head of Luxembourg Tax and Regulatory Andrew Knight and guest expert Paolo Panico, explore the way the beneficial owner concept has evolved and how in practice its meaning has been stretched beyond a true interpretation of the term, in particular in the context of companies held by trusts. Paolo is a prolific writer and speaker on the topic and is editor of the publication titled Beneficial Ownership Registers, The STEP Handbook for Advisers.
Cyprus prolongs the time for filing Beneficial Owner data
On 1 March 2022, the Cyprus Authorities announced that the submission period of Beneficial Owners’ data to the Beneficial Owners register is extended to 31 July 2022.
MONEYVAL publishes follow-up report on Cyprus anti-money laundering
On 13 January 2022, the Council of Europe’s Committee of Experts on Money Laundering and Terrorist Financing (MONEYVAL) published its first follow-up report on the progress made by Cyprus since its prior 2019 initial report, which placed the jurisdiction under an enhanced follow-up programme. The follow-up report examines progress made in implementing new requirements relating to the Financial Action Task Force’s globally renowned 40 Recommendations since the prior review.
Cyprus announces exemptions to the public UBO register for companies under liquidation
On the 13 December 2021, the Cypriot competent authorities announced that companies which have filed an application to be struck from the Register before 12 March 2021, or where their liquidation has begun prior to 12 March 2021, will be exempt from the obligation to make a filing under the Beneficial Owners register.
FATF’s public consultation on Beneficial Ownership
The Financial Action Task Force (FATF) is considering proposals for amendments to Recommendation 24 and its Interpretive Note on the transparency and beneficial ownership of legal persons. After a White Paper consultation in June-August 2021 on a number of key policy areas, FATF analysed the views received from various stakeholders in considering potential amendments. In its consultation document just published, it proposes a number of amendments designed to reinforce the Recommendation and achieve greater transparency on the beneficial ownership of legal persons.
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