Back in February 2021, the 5 (Anti-Money Laundering Directive 2018 843) has been enacted into legislation via the Prevention and Suppression of Money laundering Activities Laws of 2007-2021. As from the 12th of March 2021, a central register of the beneficial owners (the “BO”) of the Companies and other legal entities has been established by the Cypriot competent authorities by which the officers of Cypriot entities are obliged to record electronically, information of the BO of such entities.
This new legislation applies to all Cypriot entities (including the European Public Limited Liability Companies), which were in existence when it was introduced, subject to limited exceptions. On August 6, 2021, the Registrar of Companies announced that following a legal opinion from the Attorney General all partnerships registered in the Registrar of Companies (pursuant to Article 50 of the General and Limited Partnership and Business Names Law) are obliged to enter the details of their BO as well.
Entities registered following the 16th of March 2021, must no later than 30 days from the date of their registration, file electronically all requested information.
The following entities are exempt from the obligation to report:
Companies listed on a regulated market that is subject to disclosure requirements under EU Law
Companies that are subject to equivalent international standards which ensure transparency of ownership information.
Companies who have filed an application for strike off prior to the commencement of the AML Directive (12/03/2021);
Companies whose liquidation has been initiated prior to the commencement of the AML Directive (12/03/2021);
Overseas Companies.
The collection of the data will be made through ARIADNI platform. Thus, in order to obtain access and use the e-filing system, entities and their officer must obtain access at first through ARIADNI platform, if not already registered. The responsibility for the submission lies solely with the Cypriot entity and its officials and it is important to note that the interim period has been extended from 6 months to 12 months, that will be until March 2022.
AML Law specifies that information contained in the BO Registrar should be available to the general public, it is clarified that this information will not be made available during this 12-month period.
The system is currently being upgraded and is expected to launch by October.
Should you require assistance with the registration of your Company with the online portal (ARIADNI), collection of all the relevant BO information required, submit the information, support you and your Company with any other corporate matters or to provide you with any other further information, please contact us at zena@zsm.law.