Penalty for not complying with BO regulations (4/4)
BO Registration Obligations
- Under Sections 68(3-9) of the Companies Act, a company’s annual report must include Beneficial Owner (BO) information.
- As part of this obligation, all companies must submit the BO’s detailed information, the register location, and the annual report to the Registrar.
Company Responsibility and Penalties
- Companies that fail to comply may be fined up to RM 50,000.
- If the company continues to neglect its duties, additional daily fines may apply, up to RM 1,000 per day.
Purpose of the Requirement
- This requirement ensures that BO information remains up-to-date and facilitates legal verification.