The Cyprus Employers & Industrialists Federation (OEB) informs you that the Department of Companies Registrar and Intellectual Property has announced that all companies that have been incorporated or registered under the Companies Law, Chapter 113, European Public Limited Companies, as well as all Cooperatives, are required to confirm the details of their Ultimate Beneficial Owners in the Beneficial Owners Registration system. The data verification process should be carried out between October 1, 2024 and December 31, 2024.
Confirmation of details concerns beneficial owners, senior management and due diligence confirmation where applicable. In addition, if between 1 October and 31 December 2024 an initial entry, change or any other action is registered in the system concerning details of the BOs or senior management officers, the confirmation of their details should also be completed within the same period, i.e. until December 31, 2024.
In case of non-compliance with the obligation to confirm information, a monetary charge is imposed. Specifically, the monetary charge amounts to 200 euros (€200) on the first day of non-compliance and 100 euros (€100) for each subsequent day of continued violation, with a maximum total charge of 20,000 euros (€20,000).
We point out that the confirmation of the details is carried out only once during the period 1/10 – 31/12/2024. In case there are changes or other actions after confirmation, no new confirmation of the details is required.
For more information on the steps of the confirmation, you can visit the followin link:
