By Klelia Karageorgiadou
During a highly anticipated webinar on Friday 12th November, the Cyprus Securities and Exchange Commission revealed the operation of the Trusts Register Portal, which is due to be launched in 2022.
This development comes in line with the adoption and implementation of the 5th Anti-Money Laundering directive 2018/843, transposed into Cypriot law by the Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007, as amended. The Trusts Register Portal will keep the details of the beneficial owners of express trusts and similar legal arrangements.
- Disclosure procedure:
The application to CySec for the registration of Trust in the Trusts’ Registry must be made by the Trustee of the Trust by submitting information regarding the Trust and its Beneficiaries.
The Trustee of an express trust which is administered in Cyprus is obliged to maintain adequate, precise and updated information as to the Beneficiaries of the Trust which identify Settlors, Trustees, Protectors (if any), Beneficiaries or the classes of persons for the benefit of which the Trust has been set up, any other physical person who exercises control over the trust through direct or indirect ownership or with other means.
The obligation to register a Trust with the Trust Registry maintained by CySec rests with the Trustee, who is also responsible for the payment of all applicable fees.
- Who can access information disclosed?
The authorities and persons only, that can demonstrate legitimate interest in receiving the information to be disclosed. Authorised users shall be able to access the Trust Register Portal, with the registration taking place directly with CySec.
CySec has issued a directive on the operation and scope of applicability of the Trust Register Portal: https://www.cysec.gov.cy/CMSPages/GetFile.aspx?guid=8853f7d3-1bc8-4004-a588-3f068cb02b13
For more information on registration of a Trust and relevant disclosure requirements, feel free to speak to Klelia Karageorgiadou of Chara Paraskeva at [email protected]