Ultimate Beneficial Owner register is being implemented in Cyprus
Cyprus is implementing a register of Ultimate Beneficial Owners (UBOs) as required by the European Union’s Fourth Anti-Money Laundering Directive. The Directive requires every EU member state to implement a central register containing details of the UBOs of companies and other legal entities. The purpose is to enhance transparency in order to prevent money laundering and terrorist financing.
It is the Registrar of Companies that will keep the register and the companies have up to the 16th of September 2021 to submit the information of the UBOs.
The UBO register will contain name, date of birth, nationality, passport number, address, nature and percentage of beneficial ownership and when she/he became a UBO. Nordic Finance will in accordance with the above be obliged to provide the Registrar of Companies with the UBO information for all of the companies under its administration.