Recently, the Companies (Amendment) Act 2024 ("CA 2024") had a round of developments that saw revisions to the Beneficial Ownership Reporting Framework. It received the Royal Assent on 24 January 2024 and was gazetted on 2 February 2024.
As of now, no enforcement has been taken for non-compliance. However, from 1 July 2024 onwards, there will be enforcement for non-compliance.
The revised provisions encompass key aspects such as the expanded criteria for identifying beneficial owners, mandatory maintenance of the registration of beneficial owners at the registered office, and the obligation for companies to collect beneficial ownership information and submit to the Companies Commission of Malaysia via the Electronic Beneficial Ownership System.
Learn more about the changes to the Beneficial Ownership Reporting Framework in our report.
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