Further to our previous update regarding the Cyprus Register of Beneficial Owners (the “UBO Register”), we wish to inform our clients that action is currently required for the confirmation of the accuracy of the information previously submitted to the UBO Register.

From 1 October 2024 and until 31 December 2024, all companies incorporated or registered under the Companies Law, Cap. 113, all European public limited liability companies (SE), and all partnerships which fall within the scope of the UBO Register, must access the system and re-confirm the details of their ultimate beneficial owners, senior management officials or due diligence actions taken in lieu of disclosure, as applicable.

Failure to comply with this reporting obligation by the 31 December 2024 deadline will result in the automatic imposition of fines. A fine of EUR 200 will be imposed on the first day of non-compliance, with an additional fine of EUR 100 being imposed for each day of continued default, up to a maximum total amount of EUR 20.000.