Cyprus unveils online beneficial ownership register to tackle money laundering

The Cyprus Securities and Exchange Commission (CySEC) has launched a new online beneficial ownership register with the aim of fighting money laundering.

According to International Investment, the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR) will be accessible to trustees from 17 May and all involved parties from 17 June.

CySEC said in a statement that the necessity for the creation of the platform derived from from article 61C(4)(a) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (AML/CFT Law), in full accordance with the 4th and 5th European Directives or the Prevention and Suppression of Money Laundering and Terrorist Financing.

CyTBOR helps users undertake easy and immediate searches for up-to-date information and data about the beneficial owners of Express Trusts and Similar Legal Arrangements.

Through the new platform, it is now possible to directly search and identify the settlors, trustees, protectors, beneficiaries and any other natural person exercising final control over the trust through direct or indirect ownership.

Chairman of CySEC George Theocharides said, “This is a very important project both for the Cyprus Securities and Exchange Commission and our country, helping to provide full transparency and compliance for all supervised entities, ensuring the credibility of the market.”

Theocharides said that in addition to CySEC, all supervisory authorities will have unhindered access to the Register within the framework of their responsibilities. Furthermore, as part of due diligence and identification measures of their clients, all liable entities will also have access to the register.

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