The Department of the Registrar of Companies and Intellectual Property of the Ministry of Energy, Trade and Industry of the Republic of Cyprus, announced that, as of the 1st of August 2022, the Department of Registrar of Companies is accepting applications for the issuance of a ‘Beneficial Ownership Report’ containing registered information for the ‘Ultimate Beneficial Owners’ (UBOs) of Legal Entities.
According to the definition provided by the Law for the Prevention and Suppression of Money Laundering and Terrorist Financing 2007 (L.188(I)/2007), as amended, the UBO is any natural person who ultimately owns or controls the customer (being the legal entity) and/or the natural person on whose behalf a transaction or activity is being conducted. The Law provides a non–exhaustive list as to who may be considered as the UBO.
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