As part of the transposition of Article 74 of Directive (EU) 2024/1640 (AMLD 6) into our law, amendments have been made to the Trusts and Trustees (Register of Beneficial Owners) Regulations (SL 331.10) (the "Regulations"), by virtue of Legal Notice 133 of 2025 that was published on the 11th July 2025.
By far the most critical amendment is that of making applicable beneficial ownership regulations to private trustees.
Whilst private trustees are required to follow a notarial procedure in terms of Article 43A of the Trusts and Trustees Act (CAP. 331 Laws of Malta) (the "TTA"), they have, so far, fallen out of the regulatory net since they are not required to be authorised by the MFSA.
Having been brought into the remit of reporting of beneficial ownership information, private trustees must now, by way of summary of their obligations, submit a declaration of beneficial ownership within 14days of accepting to act as a private trustee, report any changes to the beneficial ownership information within 14days of the occurrence of the change, besides submitting an annual declaration confirming that there was no change to the beneficial ownership information reported. Private trustees must ensure that the information reported is valid, accurate and up-to-date.
As with authorised trustees (in terms of Article 43 of the TTA) and registered trustees (in terms of Article 43B of the TTA), private trustees acting in terms of Article 43A of the TTA will need to obtain and keep updated the following information on the beneficial owners (including the settlor(s), trustee(s), beneficiaries/class of beneficiaries, protector (if any), any other person exercising ultimate and effective control over the trust by any means) of the trust they administer:
- the full name and surname;
- the day, month and year of birth;
- the nationality or where a beneficial owner has more than one (1) nationality, the nationalities;
- the country of residence;
- an official identification document number;
- the role of the beneficial owner;
- the nature and extent of benefit and, where applicable, an indication as to whether the trust instrument includes any suspension of the trustees' duty to inform the beneficiary of his interest.
Failure to comply with the Regulations could expose private trustees to administrative penalties which may not exceed EUR150,000.
Of particular note is the transitory provision that applies to private trustees who have been acting in the said capacity before the 11th July 2025 (i.e. the coming into force of the amendments), requiring them to submit a declaration of beneficial ownership within six (6) months of the said date.
A second important amendment relates to access to the beneficial ownership information in terms of Regulation 6 of the Regulations which has been amended on two fronts:
- access has now also been granted to any other national competent authority within the meaning assigned to it in the Prevention of Money Laundering and Funding of Terrorism Regulations;
- whilst, on the other hand, the provision in the Regulations previously allowing access which was previously granted to natural or legal persons that submit a written request to the Authority in relation to a trust which holds or owns a controlling interest in any corporate or other legal entity through direct or indirect ownership, including through bearer shareholdings, or through control by other means, other than (i) in any corporate or other legal entities referred to in the Companies Act (Register of Beneficial Owners) Regulations, the Civil Code (Second Schedule) (Register of Beneficial Owners-Associations) Regulations, or the Civil Code (Second Schedule) (Register of Beneficial Owners-Foundations) Regulations; or (ii) in any corporate or other legal entity incorporated within any other Member State of the European Union, has been deleted.
Lastly, Regulation 3 (2) of the Regulations has also been updated in a way that it is clarified that trustees must obtain and report the full name and surname (not just the name), the day, month and year of birth. and the nationalities (not just nationality) where a beneficial owner has more than one nationality.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
