Regulatory Alerts2022-04-19
Added · Updated
Important Updates Relating to the Trusts Ultimate Beneficial Ownership Register
The nationality field on the Trusts Ultimate Beneficial Ownership Register (TUBOR) has changed from free text to a country drop-down list, requiring trustees to report nationalities as country names and record multiple nationalities where applicable. The MFSA added FAQs clarifying procedures for trustee changes and trust terminations, and reminded trustees that they must indicate whether individual beneficiaries have received a benefit in the 'nature and extent of beneficial ownership' field. Incomplete submissions will be reverted, and trustees are required to ensure all reported information is accurate and up to date.
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