Cyprus: Changes to framework of register of beneficial owners
Deadline for submitting beneficial owner information also extended to January 31, 2025
The Prevention and Suppression of Money Laundering (Amendment) (No. 2) Law of 2024 (published December 6, 2024) introduced changes to the framework of the register of beneficial owners.
The main amendments relate to:
- Monetary penalties
- Liability of directors or CEOs
- Revised penalties
- A €100 fine for the first day of the violation
- An additional €50 fine for each subsequent day of the violation
- A maximum total penalty of €5,000 per company or other legal entity
- Administrative review and appeals
- Deletion from the register
- Court orders for compliance
In addition, Directive KDP 423/2024 (dated December 16, 2024) extended the deadline for submitting beneficial owner information for all companies and other legal entities until January 31, 2025, and also extended the deadline for completing the verification process for the year 2024 until March 31, 2025.
Read a December 2024 report prepared by the KPMG member firm in Cyprus