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On 11 July 2025, Legal Notice 133/2025 came into force, introducing important amendments to the Trusts and Trustees Act (Register of Beneficial Owners). These reforms align Malta's framework with Article 74 of the EU's Sixth Anti-Money Laundering Directive (AMLD 6) and extend beneficial ownership reporting obligations to private trustees, including those acting through Private Trust Companies (PTCs).
Previously, individuals acting as private trustees – typically appointed due to family ties, affinity, or long-standing personal relationships and who operate on a strictly unpaid and limited basis, were not subject to the same regulatory disclosure rules as licensed trustees. With the implementation of this legal notice, private trustees are now fully within scope and must comply with the same beneficial ownership reporting rules applicable to professional trustees.
Reporting Obligations
All private trustees must now submit a declaration of beneficial ownership through TUBOR, Malta's trustee beneficial-ownership register. New trustees must file within 14 days of accepting their appointment, while those already acting before 11 July 2025 must submit their declaration by 11 January 2026. Any changes to beneficial ownership information must be reported within 14 days, and an annual confirmation must be filed irrespective of whether changes occurred.
Access to Beneficial Ownership Data
The amendments also broaden the categories of authorities that may access information held in TUBOR. Any national competent authority under the PMLFTR may now obtain this data. Although the concept of "legitimate interest" remains for certain third-party requests, the updated framework refines how this test is applied. As transparency expands, trustees must ensure that their record-keeping and reporting systems meet heightened standards of accuracy and timeliness.
Implications for Private Trust Companies (PTCs)
Families using PTCs for intergenerational wealth or succession planning may need to reconsider whether to retain private trustees or migrate to licensed professional trustees, as the increased reporting obligations and associated risks may alter the balance. These changes also strengthen Malta's alignment with EU AMLD 6, which may support the legitimacy and regulatory acceptance of Private Trust Companies (PTCs) operating in cross-border or EU contexts. Additionally, trusts with foreign (non-EU) trustees or beneficiaries may face evolving implications in relation to data sharing, access to information, and shifting regulatory expectations.
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.
