Cyprus Introduces New Financial Regulation for Company Officers and Partners

The Cyprus Department of the Registrar of Companies and Intellectual Property has recently issued a new regulation that requires company officers and partners to investigate the beneficial ownership of their company or partnership before accepting their appointment. This move aims to ensure compliance with financial regulations under the beneficial ownership register.

New Regulation: Responsibility of New Officers and Partners

According to the new regulation, it is now the responsibility of new officers or partners to verify whether the company or partnership has declared its beneficial owners in the beneficial ownership register. Failure to comply with this obligation may result in financial charges being imposed on the individual for a period prior to their appointment.

Right to Submit Written Objection

However, individuals who receive such a financial charge have the right to submit a written objection to the Department. This new regulation is part of Cyprus’ efforts to strengthen its financial regulatory framework and prevent money laundering and other financial crimes.

Implications for Company Officers and Partners

The KPMG member firm in Cyprus has released a report on this development, providing further insights into the implications of this new regulation for company officers and partners. According to the report, individuals affected by this regulation should seek professional advice to ensure compliance with the new requirements.

Contact Information

For more information, please contact KPMG’s Federal Tax Legislative and Regulatory Services Group at:

• Phone: +1 202 533 3712
• Address: 1801 K Street NW, Washington, DC 20006

By understanding this new regulation, company officers and partners can ensure compliance with the beneficial ownership register and avoid potential financial charges.