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.
The necessity for the creation of the platform derives from article 61C(4)(a) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (AML/CFT Law), in full accordance with the 4th and 5th European Directives of the Prevention and Suppression of Money Laundering and Terrorist Financing.
For further information regarding the legal framework and the operation of CyTBOR, you may refer to section 61C of the AML/CFT Law, here, and the Directive on the Register of Beneficial Owners of Express Trusts and Similar Legal Arrangements (the Directive), here, as well as to the User Manuals, here and the Q & A’s, here, developed by CySEC.
It is noted that, as of 17 May 2022, access to CyTBOR is available to trustees of express trusts or those holding a similar position. As of 17 June 2022, the categories listed in section 61C(12) of the AML/CFT Law, also have access to CyTBOR.
CySEC prompts the Trustees of existing express Trusts or persons holding an equivalent position in a similar legal arrangement, subject to the provisions of paragraph 6 of the Directive, to provide immediately and without delay, the information required to be uploaded. Failure to submit the required information can lead to CySEC imposing financial penalties.
All relevant information, including the CyTBOR platform link, here, is available on CySEC’s website, under the section "Trusts Registry", here.
CySEC’s announcement can be found here and the press release can be found here.
CySEC’s reminder can be found here.