Malaysia – The Companies Commission of Malaysia (CCM) announced an extension of the transitional period – as required under the Guideline for the Reporting Framework for Beneficial Ownership of Legal Persons – to obtain, record, and update beneficial ownership information at the entity level. The original period, which was slated to end on December 31st, 2020, will now be extended to a later date to be determined by the Registrar of Companies (ROC).
The purpose of the extension of the transitional period is to coincide with the enforcement of the Companies (Amendment) Bill 2020 and the Limited Liability Partnerships (Amendment) Bill 2020.
Malaysia’s Registrar of Companies has advised that during this extended period, companies must:
- Continue to identify and verify its beneficial owners
- Maintain beneficial ownership information accurate and up to date so that it can be accessed in a timely manner
- Include verified beneficial ownership information as part of the entity’s annual return requirements
The Registrar of Companies will be conducting inspections during the extended period to ensure that all companies and limited liability partnerships comply with the beneficial ownership reporting requirements.
To learn more about this requirement and how to comply, contact a CT Corporation specialist today.