Malta has introduced significant amendments to its beneficial ownership framework through the Companies Act (Register of Beneficial Owners) (Amendment) Regulations, 2026 (Legal Notice 184 of 2026), which came into force on 10 July 2026. These amendments form part of Malta’s continued implementation of the European Union’s updated anti-money laundering package, including provisions of Directive (EU) 2024/1640 (6th AML Directive).
The reform aims to improve the accuracy, transparency and reliability of beneficial ownership information, whilst also introducing practical simplifications for certain companies with straightforward ownership structures.
Additional Information Now Required
One of the most immediate practical implications for companies is the requirement to maintain more detailed beneficial ownership records.
In addition to the information already required, companies must now collect and maintain:
- Place of birth of beneficial owners;
- Residential address of beneficial owners; and
- Additional information relating to nominee arrangements, where applicable.
Companies are required to ensure that their internal records remain adequate, accurate and up to date at all times. The statutory beneficial ownership forms have also been updated to reflect these new information requirements.
For many companies, this means that existing internal Beneficial Owners Registers and related corporate records should be reviewed and updated to include the newly required particulars.
Looking Beyond the Register of Members
Perhaps one of the most significant changes introduced by the amendments is the express obligation on companies to take reasonable and proactive steps to determine whether any natural person exercises control over the company through means other than registered shareholding. Where such a person is identified, the company may be required to treat that individual as a beneficial owner and update its records and filings accordingly. The amendments reinforce the principle that beneficial ownership is determined not only by legal ownership, but also by the exercise of ultimate ownership or control over the company.
Simplified Regime for Straightforward Ownership Structures
The amendments also introduce a welcome simplification for certain companies with uncomplicated ownership structures.
Where all of the following conditions are satisfied:
- All registered shareholders are natural persons;
- None of the shareholders acts as trustee, nominee or fiduciary;
- No person exercises control through other means;
- No other individual ultimately controls more than 25% through another arrangement; and
- No senior managing official has been identified as a beneficial owner,
the company’s Register of Members may serve as its Beneficial Owners Register. In such cases, separate beneficial ownership declarations may no longer be required.
This change is expected to reduce administrative burdens for companies with straightforward ownership arrangements whilst maintaining transparency requirements.
New BO4 Declaration and Transitional Period
For companies that do not satisfy the conditions for the simplified regime, a new BO4 Declaration on Beneficial Owners has been introduced.
The Malta Business Registry has provided a six-month transitional period from 10 July 2026 for affected entities to assess their structures and ensure compliance with the new requirements. Companies that fall outside the simplified framework should review their ownership and control arrangements and determine whether a BO4 filing will be required.
Legitimate Interest
The amendments also reform the framework governing access to beneficial ownership information through the introduction of a new three-tier access system. One of these tiers is based on the concept of “legitimate interest“, allowing certain individuals and organisations to request access to beneficial ownership information where this is linked to the prevention of money laundering, terrorist financing or related criminal offences. Such requests are subject to an application and verification process.
The Regulations set out a number of categories of persons who are presumed to have a legitimate interest, including journalists and media professionals reporting on anti-money laundering matters, civil society organisations and academic institutions, persons considering transactions with legal entities, certain foreign authorities and obliged entities, public authorities responsible for the management of EU funds and public procurement, as well as specific providers of AML/CFT products and services.
In certain cases, access may extend beyond current beneficial ownership information and include historical records, details regarding the ownership and control structure of a legal entity, and information relating to companies that have been dissolved or otherwise ceased to exist within the preceding five years.
How Papilio Can Assist
At Papilio, we are assisting clients with reviewing their ownership structures, preparing revised Beneficial Owners Registers and determining whether additional filings are required under the new framework. If you would like assistance in assessing your company’s position or updating your corporate records to reflect the new requirements, we would be pleased to assist.
About the Author
This article was authored by Laura Colclough, Associate Director, Corporate & Legal.
*This article is for information purposes only and should not be construed as legal or tax advice.
