The Cyprus Securities and Exchange Commission (CySEC) has unveiled its new online platform for the Cyprus Beneficial Ownership Register of Express Trusts and Similar Legal Arrangements (CyTBOR) which will be accessible to trustees from 17 May and all involved parties from 17 June.   

In a statement on 16 May, the regulator said the necessity for the creation of the platform derived from article 61C(4)(a) of the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007 (AML/CFT Law), in full accordance with the 4th and 5th European Directives or the Prevention and Suppression of Money Laundering and Terrorist Financing. 

CyTBOR facilitates what it described as easy and immediate searches for up-to-date information and data about the beneficial owners of Express Trusts and Similar Legal Arrangements.

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

Chairman of CySEC, George Theocharides said: "This is a very important project both for the Cyprus Securities and Exchange Commission and our country, helping to provide full transparency and compliance for all supervised entities, ensuring the credibility of the market." 

According to Theocharides, in addition to CySEC, all supervisory authorities, such as the Customs Department, the Taxation Department, MOKAS and the Police, will have unhindered access to the Register within the framework of their responsibilities. 

Furthermore, it is possible to provide timely information on the beneficial owners of express trusts and similar legal arrangements to the respective competent authorities of the other Member States of the European Union. 

Additionally, as part of due diligence and identification measures of their clients, all liable entities will also have access to the Register.