The Cyprus Securities and Exchange Commission (CySEC) has issued a Press Release informing the public that the online platform for the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR), will be accessible to trustees as of 17/05/2022 and all involved parties as of 17/06/2022.
According to CySEC, the necessity for the creation of the CyTBOR derives from 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 facilitates easy and immediate searches for up-to-date information and data about the beneficial owners of Express Trusts and Similar Legal Arrangements. For this reason, it is now possible to directly search and identify the settlors, trustees, protectors (if any), beneficiaries, and any other natural person exercising final control over the trust through direct or indirect ownership, or by other means
In addition to CySEC, all supervisory authorities, such as the Customs Department, the Taxation Department, MOKAS and the Police, will have unhindered access to the Register within the framework of their responsibilities.
Furthermore, according to CySEC’s announcement, it is possible to provide timely information on the beneficial owners of express trusts and similar legal arrangements to the respective competent authorities of the other Member States of the European Union, while all liable entities will also have access to the Register, as part of due diligence and identification measures of their clients.