Legal Notice 184 of 2026 amends the Companies Act (Register of Beneficial Owners) Regulations (S.L. 386.19) to further transpose certain provisions of Directive (EU) 2024/1640 forming part of the EU's updated anti-money laundering framework.
The amendments strengthen companies' obligations to obtain, maintain and keep updated accurate and comprehensive beneficial ownership information, including enhanced identification particulars, information on the nature and extent of ownership or control, nominee shareholder information and details of changes in beneficial ownership. Companies are also required to take reasonable steps to identify individuals who exercise control through means other than direct or indirect shareholding and, where appropriate, report such persons as beneficial owners. A simplified regime has also been introduced for certain companies with straightforward ownership structures, allowing the register of members to serve as the beneficial ownership register where prescribed conditions are satisfied.
The Legal Notice also revises the framework governing access to beneficial ownership information. While competent authorities retain broad access rights and obliged entities may access information for customer due diligence purposes, access may also be granted to persons demonstrating a legitimate interest connected with the prevention and combatting of money laundering, predicate offences or terrorist financing. The Regulations introduce detailed procedures governing access requests, verification requirements, grounds for refusal, appeals and protective measures for beneficial owners in exceptional circumstances.
The amendments further introduce updated reporting forms and notification requirements, strengthen the Registrar's powers in relation to beneficial ownership information, and provide for the implementation of future European Commission implementing acts. Overall, the changes enhance the accuracy, transparency and accessibility of beneficial ownership information in Malta while aligning the local framework with the latest EU AML legislative package.
