The Companies Commission of Malaysia (SSM) has significantly strengthened enforcement on the Beneficial Ownership reporting framework under the Companies (Amendment) Act. The objective is to enhance transparency and combat money laundering in line with Financial Action Task Force (FATF) standards.
Who is a Beneficial Owner?
A natural person who ultimately owns or controls a company through direct or indirect interest of not less than 20% of the shares or voting rights, or has the right to exercise significant influence or control over the board of directors.
Every company is legally required to obtain, record, and lodge updated BO details in their statutory registers. Frontier's secretarial system continuously monitors ownership changes to keep your corporate filings compliant.
Written by Datin Azlina Ismail
Senior Partner & Licensed Company Secretary (LS0009412)
Frontier Management Services provides licensed corporate governance, secretarial custody, and accounting advisory across Malaysia.