Cyprus Mail

UBO fines paid will be returned


All fines that companies paid before the ultimate beneficial owners (UBO) deadline was extended will be returned, it emerged on Tuesday during the House commerce committee.

So far, paid fines amount to €2 million.

The deadline for all corporate entities to file their updated UBO data by December 31, 2023 was extended to March 31, 2024, following the attorney general’s recommendation.

This was prompted after thousands of companies said the company registrar’s website was inaccessible.

The requirement is in line with EU legislation and would require around 200,000 registered corporations to update their records.

Companies not complying were to be fined €200 on January 1, 2024, and €100 per every continuing day of non-compliance.

With many already paying the fines before the deadline extension was decided, scores of companies will now be repaid the amount.

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