Penalty for not complying with BO regulations (3/4)
BO Registration Obligations
- Under Sections 60D (1-4) of the Companies Act, if an individual believes they are a company’s Beneficial Owner (BO), they must proactively notify the company and provide the prescribed BO information.
Information Update Obligations
- If any personal information in the BO register changes, the BO must promptly inform the company.
- Even if the individual is no longer a BO, they must notify the company of the termination date and relevant details.
Individual Responsibility
- Individuals who fail to comply with these requirements 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.