Penalty for not complying with BO regulations (2/4)
BO Registration Obligations
- Under Section 60C(1-9) of the Companies Act, companies must disclose their Beneficial Owner (BO) information.
- If a company knows or has reason to believe that a person is a BO, it must issue a written notice to that person, requiring them to disclose their BO status and provide the prescribed information.
Individual Responsibility
- Any individual who conceals BO information or provides false information may face:
- Imprisonment for up to 3 years, or
- A fine of up to RM 50,000, or
- Both.
Company Responsibility
- Companies that fail to comply with the regulations may be fined up to RM 50,000.