On 06/12/2024 the Department of the Registrar of Companies and Intellectual Property published the Prevention and Suppression of Money Laundering Activities (Amendment) (No.2) Law. As per the amendments an extension has been granted for the 2023 submission of the beneficial ownership data until 31/012015 and for the 2024 submissions an extension has been granted up to 31/03/2025.
Furthermore, financial charges will be imposed only on the company or other legal entity that refuses or omits or neglects to fulfill the beneficial ownership reporting obligations and no financial burdens will be imposed on every director and secretary and the charges have been revised to:
- €100 will be imposed on the first day of the infringement
- A further charge of €50 for each day of continuation of the violation, with a maximum total charge of five thousand €5,000 per company or other legal entity.
Lastly, all charges and penalties imposed from 01/04/2024 have been cancelled and any penalties already paid will be refunded as follows:
- For online payments made through JCC, the amount will be refunded directly to the card with which the payment was made, without any further action on the part of the affected person.
- For payments made to the Cashier of the Department of the Registrar of Companies and Intellectual Property, the amount will be refunded to the applicant’s Bank Account upon presentation to the cashier of the Department of form KE1, accompanied by the authorization form for payments by FIMAS and a photocopy of the payment document, as well as the International Bank Account Number (IBAN) to be credited, as described in the Authorisation Form.
It is reminded that the Beneficial Ownership Register is electronic and can only be updated at the following link: https://ubo.meci.gov.cy |
