Cyprus’ Department of the Registrar of Companies and Intellectual Property (DRCIP) have announced several amendments to The Prevention and Suppression of Money Laundering (Amendment) (No. 2) Law of 2024, which was published on 6 December 2024.
The amendment changes the provisions related to the register of beneficial owners. The registration process for beneficial owners is electronic, and amendments are made through the online portal.
The amendments also include monetary penalties, liability for directors or CEOs, and revised fines such as a minimum of EUR 50 for each additional day from the violation date and a maximum penalty of EUR 5,000 per entity.
The law imposes financial penalties only on companies or legal entities that fail to submit beneficial owner information, as required by Law 188(I)/2007. However, directors and company secretaries are exempt from individual fines.
Other changes cover administrative reviews, appeals, deletion from the register, and court orders to enforce compliance.
The deadline for submitting beneficial ownership information has also been changed and extended to 31 January 2025, with penalties starting 1 February 2025 for non-compliance.
The deadline for the annual review and verification of the beneficial ownership information for the fiscal year 2024 has been changed to 31 March 2025.
