CySEC updates beneficial ownership rules for express trusts

Nicosia, Cyprus. The Cyprus Securities and Exchange Commission (CySEC) has issued a regulatory directive updating the anti-money laundering framework governing the register of beneficial owners for express trusts and similar legal arrangements.

The measure, Regulatory Administrative Act 243/2026, entered into force upon publication in the Official Gazette of the Republic.

Updated framework

The directive was enacted by CySEC’s board under powers granted by section 61C of the Prevention and Suppression of Money Laundering and Terrorist Financing Law.

The legislation has been amended several times between 2007 and 2025. The new measure updates the regulatory framework established between 2021 and 2025 concerning the recording and access of beneficial ownership information.

Access and filing changes

The amendment revises the definition of an authorised user by updating cross-references in section 61C, affecting which entities may access register data.

It also removes sub-paragraph 5 of paragraph 10 from the main directive, eliminating previous administrative requirements related to filing trust ownership details.

Paragraph 11 was amended to remove references to paragraph 14, which has been deleted in its entirety.

Trust ownership declarations

Express trusts are formal legal arrangements created by a settlor to hold assets for named beneficiaries. They are required to declare their beneficial owners as part of measures aimed at combating money laundering and financial crime.