STEP Cyprus and CYFA would like to inform their members that in relation to the latest announcement of the Department of the Registrar dated 10/11/2023 regarding the start of the operation the final solution of the electronic system of the Register of Beneficial Owners (UBO Registry Final Solution ), have proceeded to communicate on the 20/11/2023 with the Registrar the following issues that arise from the practical application of the final system imposed. In particular:
- The system requires a resubmission of relevant information rather than a confirmation of previously submitted data.
- The final solution system requests submission of information on Trusts/Foundations, a practice that is in direct contradiction with the obligation to submit the same info with the Trust Registry held by CySEC.
- The system does not identify several countries when it comes to select the country of the UBO (eg. Liechtenstein, Monaco, etc).
- There is currently no option to use the English language.
- Data submitted cannot be extracted in a printable report.
In addition, a relevant extension of Period A currently ending at 31/12/2023 has been requested to provide service providers the analogous timeframe to complete the necessary input of information without the imposition of any penalty.
STEP Cyprus and CYFA will keep you updated on any further updates.
It is noted that each member is obliged to comply with the circulars/guidelines/announcements of the relevant authorities and regulators. Any information contained in this notification/announcement, or any other notifications/announcements or circulars should be assessed on its own merits.
