In its circular dated 9th December, 2024, the Malta Financial Services Authority (MFSA) announced updates to the Trusts Ultimate Beneficial Ownership Register (TUBOR) platform and this as part of its ongoing efforts aimed at improving the reporting process for discrepancies in beneficial ownership information.
The key update, which has been introduced pursuant to the obligation of subject persons to report such discrepancies under Regulation 6C(2) of the Trusts and Trustees Act (Register of Beneficial Owners) Regulations, introduces a direct reporting function on TUBOR, allowing users to report discrepancies online instead of via email. Users are encouraged to report discrepancies promptly and, in any case, no later than 14 days of detection. The MFSA will then review submitted reports and determine necessary actions to ensure the accuracy and reliability of TUBOR.
Additionally, updates have been made to FAQ 11 to align this with new reporting procedures, which updated FAQ may be accessed here.
The MFSA has taken the opportunity to remind subject persons of the importance of fulfilling reporting obligations and encouraged users to reach out through the TUBOR messaging system for further inquiries.
