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Revised beneficial ownership reporting requirements

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On 10 October 2023, the Companies (Amendment) 2023 Bill entered the first reading at the Malaysian House of Representatives. Previously, the Companies Commission of Malaysia (SSM) had issued a Guideline for the Reporting Framework for Beneficial Ownership of Legal Persons in 2021, which requires that entities must disclose the information about their ultimate beneficial owner. 
   
The transition period for the implementation of this Guideline will end with the enforcement of the Companies (Amendment) Bill, which shall enhance corporate transparency and accountability by supplementing the existing provisions on beneficial ownership reporting. 
     

Key changes

The key changes to the beneficial ownership provisions will include 
  1. expanded criteria of a beneficial owner, 
  2. register of beneficial owners, 
  3. the mandatory requirement for a company to obtain information on the beneficial owner and 
  4. a self-disclosure obligation by a beneficial owner of a company. 
    
The Bill is expected to be tabled for its second reading in late November 2023. It remains, however, unclear when the amendments will enter into force and how long the period for companies and concerned persons to ensure compliance will be.  Anyway, entities should liaise with their company secretary on this development and upcoming necessary filings.

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