Circular on Submission of Beneficial Ownership Information of Trusts

Circular addressed to
Trustees Authorised in terms of Article 43 or Registered in terms of
Article 43B of the Trusts and Trustees Act
Submission of Beneficial Ownership information of Trusts Reference is made to the Trusts and Trustees Act (Register of Beneficial Owners) Regulations, 2017, which were published on 20th December 2017 by virtue of Legal Notice 373 of 2017. These regulations are aimed at implementing the relevant provisions on beneficial ownership information, including the register of beneficial owners, emanating from article 31 of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (“4th AMLD”), in so far as they are applicable to trusts and trustees. The Authority would like to advise that it will shortly be launching an online system for Trustees to submit the relevant data for each trust falling under the Regulations electronically. However, in view of the impending deadlines for the submission of the relevant beneficial ownership information of trusts, kindly note that as an interim measure, a form in excel format has been uploaded on the MFSA website and can be accessed at this link. In order to comply with the requirements set out in the Regulations, trustees may therefore complete this form electronically and send a scan of the signed form by e-mail, on trustsboregister@mfsa.com.mt, and the originally signed form to the MFSA in a sealed envelope, addressed to the attention of The Director, Conduct Supervisory Unit, and clearly labelled as Confidential. The envelope should include an indication of the number of forms contained therein. The Authority advises trustees to take all the necessary measures to ensure the safe receipt of the relevant forms due to the highly sensitive nature of the data, and possibly to consider delivering such forms by hand. It should be noted that the said form reflects the data which will eventually also need to be inputted into the online system.

The Authority has also published Guidelines (FAQs) in order to assist trustees in the completion of the relevant form, and these are also available on the MFSA website. The said guidelines will also apply to the submission of beneficial ownership information for trusts on the online system, once this goes live. Contacts In case of queries regarding the subject matter of this circular, you are kindly requested to contact the Conduct Supervisory Unit on: trustsboregister@mfsa.com.mt Communications Unit Malta Financial Services Authority 21st June 2018