On the 7th of September 2022, the Cyprus Securities and Exchange Commission (the “CySEC”) proceeded with an announcement regarding the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR). With the said announcement CySEC wishes to remind all trustees of express trusts or persons holding an equivalent position in similar legal arrangements (the “Obliged Persons”), of their legal obligation to provide CyTBOR with the information outlined in paragraphs 5 (3), (4), (5) and (6) of the Directive on the Register of Beneficial Owners of Express Trusts and Similar Legal Arrangements (the “CyTBOR Directive”) by the 07/10/2022 the latest.
In the event the Obliged Persons failed to comply with the provisions of the CyTBOR Directive, they could face financial penalties imposed by CySEC up to EUR 1.000.000 or may be found guilty of an offence and, if convicted, could be liable to imprisonment for no more of five years or to a fine not exceeding EUR 3500.000 or to both penalties.
Furthermore, according to section 62(1) of the AML/CFT Law, all obliged entities are reminded that when entering a new business relationship with an express trust or similar legal arrangement, should collect proof of registration of the beneficial ownership information held in CyTBOR.
Obliged Persons are instructed to comply immediately with their legal obligations in order to avoid any penalties.
The content of this press release is valid as at the date of its first publication. It is intended to provide a general guide to the subject matter and does not constitute legal advice. We recommend that you seek professional advice on your specific matter before acting on any information provided. For further information or advice, please contact Stephanos Ayiomamitis at +357 25 363685 or via email at Stephanos.firstname.lastname@example.org