S.L. 386.19 Art. 12Measures to ensure adequate, accurate and current information. 

(1) The Registrar may carry out physical on-site investigation at the premises referred to in regulation 5(3), in order to establish the current beneficial ownership and to verify that the beneficial ownership information submitted to him in respect of a commercial partnership is accurate and up-to-date. The right of the

Registrar to verify such information shall not be restricted, obstructed or precluded in any manner.

(2) The Registrar, or any person assigned by him, shall, in accordance with data protection requirements, have the right to reasonable access and entry to the premises referred to in regulation 5(3) of any company registered in Malta, and access to any relevant documentation or any other information relating or pertaining to (REGISTER OF BENEFICIAL OWNERS)

information on beneficial ownership of any company. The officers of the company shall assist and shall collaborate with the Registrar in order to enable him to discharge his functions under these regulations, and shall collate and transmit without any undue delay such information and documentation as the Registrar may reasonably request from time to time. The Registrar may also take copies of any documents furnished or provided to him under this regulation.

(3) The competent authorities mentioned in regulation 7(1)(a), to the extent that this requirement does not interfere unnecessarily with their functions, and subject persons, as referred to in regulation 7(1)(b), shall report any discrepancies they find between the beneficial information available to them and the beneficial ownership information held in the register of beneficial owners kept by the Registrar. The Registrar shall take any appropriate actions in order to resolve such discrepancies and, where necessary, update the beneficial ownership information in the register. Until such time that discrepancies are resolved, the Registrar may, if he deems appropriate, make specific mention in the register of beneficial owners of the discrepancies.

(4) Where the Registrar deems it necessary to update the beneficial ownership information in the register in terms of this regulation, every officer of the company shall be liable to a penalty of not more than one hundred thousand euro (€100,000).