The 4th Anti-Money Laundering Directive, as implemented by the FIAU Implement Procedures, made it a mandatory requirement for the Malta Business Registry to establish a beneficial ownership registry. Every Maltese company and any other commercial partnership is obliged to disclose the details of the natural person/s considered to be a Beneficial Owner by submitting a BO Form.
Following the coming into force of Legal Notice 158/2019 which has amended the Companies Act (Register of Beneficial Owners) Regulations, 2017, (as per sub-regulation 12(2)) subject persons in terms of the Prevention of Money Laundering and Funding of Terrorism Regulations are now obliged to report to the Registrar of Companies any discrepancies they find between the information available to them and the beneficial ownership information held in the register of beneficial owners kept by the Registrar of Companies.
Through a notice circulated by the Malta Business Registry, the Registrar of Companies has brought to the attention of subject persons that the beneficial information held in the register of beneficial owners can be accessed online through the Malta Business Registry website by using the “Search for Beneficial Owners” function.
Further still, subject persons are informed that any discrepancies must be reported by sending an email on compliance.mbr@mbr.mt.
