The Department of Registrar of Companies and Official Receiver (DRCOR) has announced that all companies established or registered under the Companies Law, Cap. 113, all European Public Limited Companies (SE), and all Partnerships (hereinafter referred to as Organisations) or their respective officers/partners are required to enter into the Beneficial Ownership Register (BO Register) system from October 1, 2024, to December 31, 2024, and to confirm the details of the beneficial owners (BO) or the senior management officials or due diligence (as applicable in each case).

Please note that if confirmation of details as above in the BO Register is not completed by December 31, 2024, regardless of the criminal liability or prosecution of any person, the organisation and each officer/partner thereof will be subject to a monetary penalty of two hundred euros (€200) on the first day and an additional monetary penalty of one hundred euros (€100) for each day the violation continues, with a maximum total penalty of twenty thousand euros (€20,000).

In the Frequently Asked Questions section – Beneficial Owners, under the Confirmation of Details in the Beneficial Ownership Register, you can find the steps for confirming details in the BOR system at the following link: https://www.companies.gov.cy/gr/βάση-πληροφοριών/συνήθεις-ερωτήσεις-πραγματικοί-δικαιούχοι/επιβεβαίωση-στοιχείων-στο-μητρώο-πραγματικών-δικαιούχων

It is noted that if the initial registration, change, or any other action in the BO system regarding the details of the BOs or senior management officials or due diligence of the company and other legal entities falls within the confirmation period, i.e., between 1/10 and 31/12 of the current year, then the action of initial registration, change, or any other action must be performed, followed by the confirmation of details of the BOs or senior management officials or due diligence (as applicable in each case) by December 31 of the current year.

Please be aware that the confirmation of details should only be done once during the period from 1/10 to 31/12 of the current year. If any changes or other actions occur after the confirmation of details, then the confirmation does not need to be repeated.

If you require assistance in remaining compliant with the above obligation, you can contact us at info@compliancemk.com.