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Malaysia – Revised UBO reporting framework introduced
On the 1st of April 2024, Malaysia introduced a new framework for reporting Ultimate Beneficial Ownership (UBO).
The framework applies to all companies incorporated or registered under the Companies Act 2016, including both local and foreign companies with changes brought about following recent amendments made to the Companies Act 2024.
Key changes to the framework include:
- Amendments to the definition and criteria for identifying Beneficial Owners;
- Outlining the roles and responsibilities of Directors, members and other parties in the BO reporting;
- Establishing procedures for filing BO information with the Registrar and maintaining the Register of BO; and
- Annual internal review requirements.
The risk of non-compliance
Companies who fail to comply with the new framework face the possibility of:
- Fines up to RM3 million; and/or
- Imprisonment up to 10 years.
Did you know there are now 106 countries around the world with UBO reporting requirements?
Download Mercator’s UBO: Special Report for insights and top-tips on navigating UBO compliance around the world.
Or for more information about Mercator’s UBO services contact mercator@citco.com.
