Further to our previous newsfeeds
on this, the Cyprus Registrar of Companies (the “Registrar”) issued an announcement
on 17 May 2024, stressing that in case of change of officers in a company or
partners in a partnership, it is the responsibility of the new officers/partners
to check, before they are appointed, whether the Ultimate Beneficial Owner/s
(UBO/s) have been declared to the Register
of Beneficial Owners of Corporate and Other Legal Entities (UBO Register).
The Registrar made it clear in
the announcement that the penalties for late submission of information to the UBO
Register will be imposed to the officers/partners who are in charge at the time
the information is submitted.