UBO Register: Extended Submission Deadline Approaching
On 16 December 2024, the Department of the Registrar of Companies and Intellectual Property (the Registrar) announced significant updates to the Beneficial Ownership Registry framework under the Prevention and Combating of Money Laundering (Amendment) (No. 2) Law of 2024 (L.141(I)/2024). These changes aim to simplify compliance and provide relief to businesses.
Deadlines for UBO Submissions:
Recognising the challenges faced by Cyprus’s small and medium-sized enterprises (SMEs), the Registrar announced on 16 December 2024 the extended compliance deadlines:
- Beneficial Owner Information Submission: Extended to January 31, 2025.
- Data Confirmation Procedure for 2024: Extended to March 31, 2025.
Companies and other legal entities must complete their submissions by the deadlines to avoid penalties.
Withdrawal of Financial Charges and Refund:
Any financial penalties imposed and paid for late submissions since April 1, 2024, will be revoked and refunded.
From February 1, 2025, non-compliance will result in administrative and criminal penalties, as stipulated in the amended legislation and the Criminal Code 112/21.
If you require any assistance regarding the UBO Registry processing you can contact us via email at info@zambartaslegal.com or telephone at +357 22 262 108