The Malta Financial Services Authority (MFSA) has issued an important update regarding the Trusts and Trustees Act (Register of Beneficial Owners) (Amendment) Regulations, 2025, which came into force on 11 July 2025. These amendments primarily align Malta’s legislative framework with the latest European Union requirements under Article 74 of Directive (EU) 2024/1640 (known as AMLD6), aimed at enhancing transparency and preventing misuse of the financial system for money laundering or terrorist financing.
The changes extend the scope of beneficial ownership reporting obligations to Trustees authorised in terms of Article 43 or 43B of the Trusts and Trustees Act (“the Act”), private trustees in terms of Article 43A of the Act, and foreign trustees whose place of establishment or residence is outside the European Union and who already report beneficial ownership information on the Trust Ultimate Beneficial Owner Register (“TUBOR”).
Key Amendments and Their Implications
- Widened Access to Trust Ownership Information
Regulation 6 now allows any national competent authority, as defined by the Prevention of Money Laundering and Funding of Terrorism Regulations (PMLFTR), to access beneficial ownership data held in the Malta Trusts Ultimate Beneficial Ownership Register (TUBOR). This broadens the category of authorities eligible to access this information, ensuring better regulatory oversight consistent with AMLD6 obligations. Moreover, Regulation 6 (b) removes references to the possibility of access to beneficial ownership to the category of persons previously covered by Regulation 6(1) (d). Regulation 6 (d) clarifies the specific information that must be provided when granting access to beneficial ownership details of a trust to an individual who satisfactorily demonstrates a legitimate interest, as defined within the regulations.
- Inclusion of Private Trustees in Reporting Obligations
Perhaps the most significant update is the extension of the reporting requirements to private trustees (defined under Article 43A). Previously not in scope, private trustees must now submit beneficial ownership details for all express trusts they administer. To facilitate compliance, the MFSA has granted a transitional six-month period, requiring declarations for existing trusts to be submitted by 11 January 2026.
- Ongoing Reporting and Notification Requirements
Private trustees must report any changes in beneficial ownership information within 14 days of such changes. Furthermore, an annual beneficial ownership declaration requirement now applies to private trustees and certain foreign trustees, ensuring continuous and up-to-date transparency.
- Administrative Penalties and Enforcement
Regulation 8 expands the MFSA’s enforcement powers, allowing the imposition of administrative penalties on private trustees and applicable foreign trustees for failure to comply with reporting obligations. This strengthens Malta’s ability to ensure accurate and timely disclosures consistent with international standards.
Practical Guidance for Trustees
- Trustees are required to submit ownership declarations through the TUBOR online portal and are advised to set up their trustee accounts promptly if not already established.
- The MFSA has provided explanatory video guides on account registration and declaration submission, catering to both corporate and individual trustees (including private trustees using personal emails for registration).
- Authorised trustees providing services to private trustees should proactively assist and inform them of these new reporting requirements to facilitate compliance.
Ongoing Updates and Future Developments
The MFSA indicated that further amendments to these Regulations will likely follow to fully transpose AMLD6 requirements and related EU regulations addressing anti-money laundering and counter-terrorism financing.
Trustees and other relevant stakeholders are urged to carefully review the amended Regulations, seek legal advice as needed, and regularly consult the MFSA’s updated Frequently Asked Questions (FAQs) and communications to stay informed of ongoing developments.
Contact Information
For any inquiries concerning the amended Trusts and Trustees Act reporting obligations, trustees may contact the MFSA’s Trustees Supervision department via email at trustsboregister@mfsa.mt.
This update reflects Malta’s continued commitment to financial transparency and alignment with EU directives ensuring that all trustees—authorised, private, and certain foreign ones—meet rigorous ownership disclosure standards. Compliance with these new obligations is essential for all trustees administering express trusts in or relating to Malta.
