Cyprus: Imposition of financial charges under beneficial ownership register on new officers, partners
Responsibility of new officers or partners to investigate whether the company or partnership has declared its beneficial owners
Beneficial ownership register
The Department of the Registrar of Companies and Intellectual Property announced that in cases of changes to officers or partners in a company or partnership, it is the responsibility of the new officers or partners, before accepting their appointment, to investigate whether the company or partnership has declared its beneficial owners in the beneficial ownership register.
If a financial charge is imposed for noncompliance with the obligations under the beneficial ownership register on a new officer or partner for a period prior to their appointment, they have the right to submit a written objection to the Department.
Read a July 2024 report prepared by the KPMG member firm in Cyprus
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