Update of Extension of SSM Beneficial Ownership (BO) Reporting

On 17 December 2020, Suruhanjaya Syarikat Malaysia (SSM) announced that the transitional period to report the BO which ends on 31 December 2020 has been extended to a later date to be determined by the registrar.  

 SSM highlighted the following matters related to the extension of the transitional period as extracted from the FAQ:

1. such extension is automatically granted to all companies without further application required;

2. such extension is given to allow all companies and company secretaries and/ or compliance officer to

• • familiarise with the reporting framework and to take necessary actions in accordance with the guideline; and

  • facilitate the concurrent operations of provisions relating to the BO.

 During this extended transitional period, all companies shall  

1. continue to identify and verify the beneficial owners to ensure the BO information is accurate and up to date;

2. ensure the information obtained is kept at the entity’s level;

3. ensure the information obtained is accessable promptly; and

4. lodge the BO information together with Annual Return.

Warning

Due to the importance of the BO, SSM will conduct inspections during this period to ensure companies comply with the BO reporting requirements. The Registrar has the power to issue guidelines and any person who fails to comply commits a breach where actions can be taken pursuant to Section 20E of the Companies Act, 2016.

 For more information, click here:

 - SSM Announcement - https://bit.ly/38EtUo9

 - SSM FAQ - https://bit.ly/3oJoihV