CySEC launched the online platform “CyTBOR” | Stockwatch

The Cyprus Securities and Exchange Commission (CySEC) has announced the launch of the online platform for the Cyprus Register of Beneficial Owners of Express Trusts and Similar Legal Arrangements (CyTBOR), noting that it will be accessible to trustees from of 05/17/2022 and to all parties concerned on 06/17/2022.

According to CySEC, the need for the creation of the platform stems from the law of 2007 on the prevention and suppression of money laundering and the financing of terrorism, in full compliance with the 4th and 5th European directives on the prevention and suppression money laundering and terrorist financing.

CySEC added that “CyTBOR” facilitates simple and immediate searches for up-to-date information and data on bebenfical owners of express trusts and similar legal arrangements.

For this reason, it is now possible to directly search and identify settlors, trustees, protectors (if any), beneficiaries and any other natural person exercising ultimate control over the trust through direct or indirect ownership, or by other means, CySEC said. .

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

According to Theocharides, in addition to CySEC, all control authorities, such as the Customs Department, the Tax Department, MOKAS and the Police, will have unhindered access to the Registry as part of their responsibilities.

Furthermore, according to the CySEC 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 other Member States of the European Union, while all responsible entities will also have access to the Register, as part of their customer identification and due diligence measures.

For more information regarding the legal framework and operation of CyTBOR, you may refer to Section 61C of the Prevention and Suppression of Money Laundering and Terrorist Financing Act 2007, as amended, and the Directive on the Register of Beneficial Owners of Express and Similar Trusts. Legal Provisions (the “Directive”), as well as User Manuals and Questions and Answers developed by CySEC, concludes the announcement.