The Cyprus Securities and Exchange Commission (CySEC) has issued a reminder about the registration to the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR).

As FX News Group has reported, the platform was launched in May 2022.

Today, CySEC noted that the Trustees of existing express Trusts or persons holding an equivalent position in a similar legal arrangement, subject to the provisions of paragraph 6 of the Directive, must provide immediately and without delay, the information set out in paragraphs 5(3),(4), (5) and (6) of the Directive on the Register of Beneficial Owners of Express Trusts and Similar Legal Arrangements.

Moreover, CySEC highlighted the provisions of section 61C(9)(a)(iv) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, as amended (the ‘AML/CFT Law’), according to which, in the case of failure to submit the information set out in paragraphs 5(3),(4), (5) and (6) of the Directive, the CySEC may impose a financial penalty of €200 and a further financial penalty of €100 for each day for which the failure continues, with the maximum total penalty being €20,000.