In today's transparency-driven business world, knowing who really owns your company isn't optional, it's the law. Malta's Ultimate Beneficial Owner ("UBO") Register, aligned with European Union ("EU") Anti-Money Laundering Authority ("AML") directives, is a cornerstone of corporate compliance. And with new rules effective July 2025, the stakes just got higher.

What's the UBO Register?

Managed by the Malta Business Registry ("MBR") and Malta Financial Services Authority ("MFSA") (for trusts via the Trusts Ultimate Beneficial Ownership Register ("TUBOR")), the UBO Register identifies the real individuals behind companies, those with over 25% ownership or control. It's a key tool in the fight against money laundering and financial crime.

July 2025 Update: Access for "Legitimate Interest"

Thanks to Legal Notice 127 of 2025, access to UBO data is now open to those with a legitimate interest—not the general public. Think journalists, Non-Governmental Organizations ("NGOs") and compliance professionals. Access requires:

• A formal request to the MBR;

• Proof of identity and purpose; and

• A fee.

This balances privacy with transparency, keeping Malta aligned with EU standards.

Top Compliance Challenges

• Complex Ownership Structures – Identifying the true UBO isn't always straightforward.

• 14-Day Update Rule – Any change must be reported within two weeks.

• Annual Confirmation – Mandatory with your annual return.

• Cross-Border Due Diligence – Verifying UBOs abroad can be tricky.

• Entity-Specific Rules – Different rules for companies, trusts, and foundations.

• New Official Forms – Only the latest MBR forms are accepted.

The Cost of Getting It Wrong

Non-compliance isn't just a paperwork issue—it's a business risk:

• Fines up to €200,000;

• Daily penalties (€100/day);

• Personal liability for directors;

• Company strike-off;

• Reputational damage; and

• Restricted access to banking and incorporation.