This is a reminder that if any initial submission, changes, or actions concerning the Register of Beneficial Owners (BO), including details of Beneficial Owners, senior management officials, or due diligence for the company or any other legal entity, were carried out until December 31, 2024, the organization must confirm the details of the BO, senior management officials, or due diligence (whichever is applicable) for the year 2024 by March 31, 2025.
Please be aware that if you do not confirm the information by March 31, 2025, the organization will be subject to a fine of one hundred Euros (€100) for the first day of violation. Additionally, a further fine of fifty Euros (€50) will be imposed for each subsequent day the violation continues, up to a maximum total fine of five thousand Euros (€5,000).
Furthermore, a director or manager of an organization who refuses or omits or neglects to fulfil the submission obligations for BO is jointly and/or severally liable with the organization for the repayment of the fine imposed on the organization.
Any queries can be submitted to the e mail address Ubos@meci.gov.cy.