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Malta’s Trusts Ultimate Beneficial Ownership Register (TUBOR) is entering a new era of transparency. EU AML reforms will expand trustee reporting, widen access to beneficial ownership data, and connect Malta to the EU-wide Beneficial Ownership Registers Interconnection System (BORIS) by 2027.
EU AML Reforms to Impact Malta’s Trust Beneficial Ownership Register
The key reforms under the Sixth Anti-Money Laundering Directive (AMLD6) and the Anti-Money Laundering Regulation (AMLR) aim to harmonise how beneficial ownership information is collected, stored, and shared across the EU, with BORIS serving as the central link between national registers.
2025: First Transposition Already in Force
The first phase of AMLD6 transposition took effect in July 2025 via amendments to Malta’s Trusts and Trustees Act. It introduced new rules on access to beneficial ownership data. While public access remains restricted following a European Court of Justice ruling, regulators, financial intelligence units, and obliged entities can now access the register for due diligence. Private trustees are also required to report ownership data, with a six-month transition period.
2026: Expanding Access and Legitimate Interest
The second phase, due in July 2026, will extend access rights to European bodies such as Europol, OLAF, and the European Public Prosecutor’s Office (EPPO). It will also broaden who qualifies as having a “legitimate interest,” encompassing journalists, NGOs, academics, and business counterparties. EU-wide rules will set out how “legitimate interest” is verified and mutually recognised, with safeguards for minors and vulnerable individuals.
2027: EU-Wide Oversight Under the AMLR
From July 2027, the AMLR will apply directly across the EU. Trustees will face expanded obligations to report basic trust information, while beneficial owners must be screened against sanctions lists. This marks the full integration of Malta’s register into BORIS and cements the EU-wide framework for beneficial ownership transparency.
Looking Ahead
For Malta, these reforms represent a significant shift toward greater transparency and EU-level oversight. They will also raise compliance expectations for trustees and strengthen the role of TUBOR as part of the broader European AML infrastructure.
How can BDO Malta help?
Helping you stay compliant in Malta’s new trust transparency era
Our expert team at BDO Malta provides practical guidance and compliance support, helping trusts and beneficiaries navigate Malta’s TUBOR and EU AML transparency requirements with confidence.
