Penalty for not complying with BO regulations (1/4)
BO Registration Obligations
- Under Section 60B(1-9) of the Companies Act, a company and its senior management must register the company’s Beneficial Owner (BO).
- All companies must comply with SSM regulations by collecting BO information and maintaining it in the BO register.
Requirements for Newly Incorporated Companies
- A new company must collect BO information within 30 days after appointing its first company secretary.
- The information must be entered into the BO register within 60 days after appointing the BO.
- Once the information is recorded, the company must notify the Registrar within 14 days.
Changes for Existing Companies
- If there are any changes to the BO registration information, the company must notify the Registrar within 14 days of the change.
Penalties
- Companies that fail to comply with the regulations may be fined up to RM 20,000.
- An additional fine of RM 500 per day applies for each day of delay.