Legal Notice 252 of 2026 amended the Trusts and Trustees Act (Register of Beneficial Owners) Regulations (S.L. 331.10) to implement EU rules on access to beneficial ownership information. The rules cover access by competent authorities, obliged entities, and persons with a verified legitimate interest, together with safeguards allowing access to be restricted in certain cases. The amendment also aligns key terminology with the wider EU anti-money laundering framework.
Although trustees’ core beneficial ownership obligations remain unchanged, including filing a declaration within 14 days of appointment, notifying changes within 14 days, and submitting an annual confirmation by 31 January, the amendment clarifies who must be included in these declarations. The definition covers settlors, trustees, protectors, beneficiaries or classes of beneficiaries, and any other individual who ultimately exercises control over the trust.
Pursuant to the amendments, the Malta Financial Services Authority's (MFSA) electronic register will be connected to EU central registers. Competent authorities, self-regulatory bodies, tax authorities and specified EU bodies will have immediate, unfiltered and direct access, without altering the trusts, its trustees or its beneficial owners. Obliged entities such as banks and other regulated businesses may access information for customer due diligence. Journalists, civil society organisations and prospective transaction counterparties may obtain limited information if the MFSA verifies a legitimate interest, generally within 12 working days.
The MFSA may fully or partly restrict access given on the basis of a legitimate interest or for customer due diligence purposes, where disclosure would create a disproportionate risk of serious harm, or where the beneficial owner is a minor or legally incapable. Data access disclosures will also protect the identity of journalists and civil society representatives who inspected the register.
Competent authorities and obliged entities must report discrepancies to the MFSA, which may seek clarification from the trustee. Trustees may face administrative penalties of up to €150,000 for breaches and up to €100,000 where unresolved discrepancies require the MFSA to update the register. Knowingly or recklessly providing false or misleading information may result in a fine of up to €466,000, imprisonment for up to four years, or both.
