EU 4th AML Directive on Register of Beneficiaries

As from 1st January 2018, all Malta Companies are required by Law to maintain accurate and updated ‘Beneficial Ownership Registers”, similar to Shareholders or Directors Registers, and to keep the national register of beneficial owners updated with the same information on the beneficial owners of the Company.

It is important to note that should the Company not comply, the Company and its Directors, Secretary and Shareholders would jointly and severally be liable to payment of a fine of 1,000 Euro and additional fine of 10 Euro per day until the situation is rectified.

A beneficial owner includes any natural person or persons who:
(i) ultimately own or control, whether through direct or indirect ownership or control, including, where applicable, through bearer share holdings, more than 25% of the shares or voting rights in that company; or (ii) otherwise exercise control over the management of that company.

The information, in respect of each beneficial owner shall consist of the name, the date of birth, the nationality, the country of residence, an official identification document number indicating the type of document and the country of issue, and the nature and extent of the beneficial interest held.

These requirements do not apply to companies were all the registered shareholders are natural persons and whose details are already listed in the Malta Registry of Companies’ records. In these cases the immediate and direct ownership of such companies are already disclosed.

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