Reminder for updating the Register of Beneficial Owners based on new information.

Following previous announcements by both the Department of the Registrar of Companies and the CCCI, please be informed that, according to an announcement by the Registrar of Companies (attached), the Department wishes to draw the attention of companies incorporated or registered under the Companies Law, Cap. 113, to European Public Limited Companies (SE), and to partnerships or their officials/partners who have not yet updated the Register of Beneficial Owners (RBO), to promptly take the necessary actions to update it. Failure or delay in updating the register will result in financial penalties as stipulated/defined in Directive K.D.P. 112/2021, as amended and in force.

The details concerning the Beneficial Owners of the companies who are the natural persons who ultimately own or control the companies, and this specific obligation is provided by the European Council’s Anti-Money Laundering Directive.

According to the law, if a company has not complied within the stipulated time, it (and its directors and secretary, on a personal level) is subject to a financial penalty of €200 on the first day, and €100 for each subsequent day of continued non-compliance, with a maximum total penalty of €20,000 per beneficial owner.

In cases where you encounter any technical issues in submitting your application, it is recommended to contact the Department of IT and Technical Support at: kpanayi@drcor.meci.gov.cy mmenelaou@drcor.meci.gov.cy, aprodromou@drcor.meci.gov.cy for investigation of the matter, providing all the evidence you have at your disposal.

We also remind you that, regardless of any changes in the company’s officials during a year, as a company you have the obligation to confirm the Beneficial Owners of the Company annually, between the dates 1/10/… – 31/12/…. 

PDF Circular – Reminder for updating the Register of Beneficial Owners based on new information.