With effective date 10 July 2025, the Companies Act (Register of Beneficial Owners) Regulations (the “Regulations”) became effective through Legal Notice 127 of 2025.
These amendments are intended to implement the first phase of Malta’s transposition into national legislation of Directive (EU) 2024/1640 as part of the Sixth Anti-Money Laundering Directive (“AMLD 6”).
Regulation 7 has been amended, whereby access to the register of beneficial owners shall only be available to persons able to demonstrate a legitimate interest in the prevention and combating of money laundering, predicate offences or financing of terrorism, in terms of Article 74 AMLD 6.
The requirement to demonstrate ‘legitimate interest’ in order to access Beneficial Ownership (BO) registers is not a new requirement, however it has now been clarified and expanded. Therefore, certain entities, in addition to authorities and obliged entities, may prove possessing a valid reason to access BO information. AMLD 6 attempts to strike a balance between data privacy and effective AML/CFT efforts, by enabling access to BO information solely upon demonstrable legitimate interest.
The request to MBR is to be submitted in writing, accompanied by identification documents, relevant credentials or qualifications, or other information as requested by MBR. Moreover, a declaration confirming the legal basis of the request is to be submitted as well. The Registrar may request additional documentation as considered necessary.
The Registrar’s decision on such requests is to be communicated in writing to the relevant applicant, and refusals may be appealed within twenty (20) days through a sworn application in Court.
Persons applying to access the register of beneficial owners of companies are to submit requests via email to the MBR.
MBR have also updated the statutory forms in so far as the reporting of beneficial owners to the Registrar. These forms are to be used with immediate effect whilst the previous versions will no longer be accepted.
MBR have, through User Guidelines, provided additional clarifications. The Regulations are now applicable to companies formed through cross-border conversions, mergers, and divisions, and new obligations are introduced to declare all nationalities held by a beneficial owner.
It is also possible for the Registrar to provide access to BO information through print-outs where electronic means is not possible, and consultation with other competent authorities may occur by the Registrar before access requests are granted.
Visio Consultancy recommends that all subject persons and corporate persons review their current procedures to ensure compliance with the Regulations as revised.
