• About Us
  • Our Services
  • Subscribe
  • Advertise
  • FAQ
  • Contact Us
Login | My Posts
Accountants in Cyprus
  • Publications
  • About Cyprus
    • Cyprus History
    • Cyprus Company Registration
    • Cyprus Tax
    • Cyprus VAT
    • Cyprus Accountants
    • Cyprus Economy
  • Find Accountants
  • Contact Us
No Result
View All Result
  • Publications
  • About Cyprus
    • Cyprus History
    • Cyprus Company Registration
    • Cyprus Tax
    • Cyprus VAT
    • Cyprus Accountants
    • Cyprus Economy
  • Find Accountants
  • Contact Us
No Result
View All Result
Accountants in Cyprus
No Result
View All Result
Home Publications News & Announcements

2021 – The Cyprus UBO Registry to fight money laundering

February 24, 2021
in News & Announcements
Reading Time: 2 mins read

By: P. Constantinou & Co Ltd

Recently the Government of Cyprus has taken additional steps to increase transparency in all transactions taking place in the country and fight money laundering.

Cyprus aims to increase confidence in its legal and tax system and become a more desired destination for business activity.

In doing so, it decided to implement the central registry of ultimate beneficial owners (UBO) in order to contain detailed information and data on the natural persons who ultimately own or control a legal entity.

The Cyprus Registrar of Companies and Official Receiver will be the responsible authority for maintaining the central register of ultimate beneficial owners (UBO Register) of Cyprus companies and it will be authorized to collect all information about the ultimate beneficial owners and other legal entities through the system that has been developed.

Every company or legal entity incorporated in Cyprus will be required to maintain adequate information on its beneficial owners in the above-mentioned UBO Register. The UBO Register is a system developed to provide transparency, a clear and constantly updated database. The goal is to have a clear and true understanding, on behalf of whom transactions are taking place.

Definition of UBO:

  • A physical person who ultimately owns/controls a legal entity with direct or indirect shareholding ownership of 25% plus one share, or,
  • Has an ownership interest of more than 25% in the customer on whose behalf a transaction or activity is being conducted.

Access to the information:

As a first step, the information of the UBO Register will be accessible only by the supervisory authorities and regulators, such as the Police, Tax authorities, the Central Bank, the Cyprus Securities and Exchange Commission, and others. The relevant supervisory authorities and regulators will have access to the information if they have a legitimate interest and with the submission of a formal request at the Registrar. Later on, the registry is expected to also be accessible to certain types of professionals who have an interest in completing thorough due diligence as required by the Anti-Money Laundering regulations, such as lawyers, accountants, and bankers. Further on, some data of the database will also be accessible to any member of the public after given permission by the regulators.

All the information of Ultimate Beneficial Ownership will be protected by strict data protection regulations and will only be accessed if deemed appropriate. The data collection is expected to start as early as the 16th of March of 2021.

Our corporate services page >

Contact us >

ShareTweetShare
Previous Post

Digital Marketing Tips For Businesses

Next Post

2021 – Cyprus votes 0.4% levy on all immovable property sales

Next Post
2021 – Cyprus votes 0.4% levy on all immovable property sales

2021 – Cyprus votes 0.4% levy on all immovable property sales

Newsletter

Latest News

Financial Services Sector: Future of Finance
Articles

Financial Services Sector: Embracing the Future of Finance

March 24, 2023

This article delves into the DLT Pilot Regime, its objectives, and its significance in the European financial services sector. The...

Read more
Financial Services

More financial services included in accountants portfolio

March 23, 2023
InvestPro ONline- Cyprus Preview

InvestPro Online Cyprus Preview

March 23, 2023

Accountants in Cyprus is an accounting portal that consists of information in the field of finance and a network of Cyprus accounting firms and other financial service providers .

USEFUL LINKS

  • Accountants in Nicosia
  • Accountants in Limassol
  • Accountants in Larnaca
  • Accountants in Famagusta
  • Accountants in Paphos
Menu
  • Accountants in Nicosia
  • Accountants in Limassol
  • Accountants in Larnaca
  • Accountants in Famagusta
  • Accountants in Paphos

USEFUL LINKS

  • Cyprus Tax Consultants
  • Tax Planning Cyprus
  • Tax Benefits Cyprus
  • Double Taxation Treaties
  • Cyprus Accounting Firms
Menu
  • Cyprus Tax Consultants
  • Tax Planning Cyprus
  • Tax Benefits Cyprus
  • Double Taxation Treaties
  • Cyprus Accounting Firms

AFFILIATED SITES

logo-lawyers-in-cyprus
lawyers-malta
2022 © Accountants in Cyprus. All Rights Reserved. Developed by Wizzweb
  • About
  • Cyprus Accounting Services
  • Auditors in Cyprus
  • Contact Us
No Result
View All Result
  • Publications
  • About Cyprus
    • Cyprus History
    • Cyprus Company Registration
    • Cyprus Tax
    • Accountants Cyprus
    • Cyprus Economy
  • Find Accountants
  • Contact Us
  • Our Services
  • Subscribe
  • Advertise
  • FAQ

© 2023 Accountant in Cyprus

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.