Or In Any Other Capacity Companies in Malaysia

Companies in Malaysia are required to disclose their ultimate beneficial ownership (UBO) to the Malaysian Companies Commission (SSM). The UBO is defined as any individual who, whether directly or indirectly, owns or controls more than 25% of the shares or voting rights of a company, or who otherwise exercises control over the management of a company.

The Companies Act 2016, which came into effect on 31 January 2017, requires companies to maintain a register of their UBOs and to make this information available to the SSM upon request.

This requirement is in line with the global trend towards greater transparency in corporate ownership. It is intended to help combat money laundering and terrorist financing, as well as to improve corporate governance.

The Act also requires companies to take reasonable steps to identify their UBOs. This includes making inquiries of shareholders, directors, and officers, as well as looking at public records such as the Companies Register.

Companies that fail to comply with the UBO disclosure requirements may be subject to fines of up to RM50,000 (about US$12,000).