On 24 July 2024, the MFSA published its findings arising from supervisory interactions as part of a thematic review on the extent to which trustees have been complying with the requirements of the Trusts and Trustees Act, the Trustees Code of Conduct, and the Trusts and Trustees Act (Register of Beneficial Owners) Regulations with a focus on the trustees’ compliance with their obligations vis-à-vis TUBOR. The MFSA also reviewed the extent to which trustees are verifying the beneficial ownership information as reported by the trustees on TUBOR. The aim of the Authority’s publication is to share its findings arising from 28 supervisory inspections and guide trustees in ensuring compliance with the Authority’s expectations. Overall, the Authority positively noted improvements in trustees’ accuracy in reporting and inclination towards implementing adequate processes and controls to support its reporting obligations.
The main findings of the Thematic Review focus on:
- The necessity of having written procedures on the reporting of beneficial ownership information on TUBOR;
- Timely reporting of beneficial ownership on TUBOR;
- Reporting of adequate, accurate, and up-to-date beneficial ownership information; and
- Adequate verification of reported beneficial ownership information.
Trustees are expected to carry out a gap analysis exercise to ensure that the beneficial ownership information of the trusts they administer and which they have reported on TUBOR is accurate and up-to-date and according to the Authority’s expectations. Should any gaps or discrepancies be identified, trustees are required to take the necessary steps to update and resubmit the declarations of beneficial ownership information submitted on TUBOR, where necessary, immediately and without any delay.
Read more about the MFSA’s expectations arising from its Thematic Review on Reporting of Beneficial Ownership Information of Trusts, here.
