Who Can Apply For Beneficial Ownership Information?
Beneficial Ownership ("BO") is the actual owner behind the shares allotted in a company. It refers to the a person who ultimately owns, controls, or exercises effective control over a legal entity, even if their name does not appear on the official records registered with SSM.The information of a BO is private and confidential, as it is not made known nor published to the public.
However, there are certain other parties that can apply to SSM to request for the BO information. They are as below:-
- Beneficial owner with regard to their own BO information only;
- Individuals who are authorized in writing by the Beneficial Owner himself regarding his BO information;
- Bank Negara Malaysia (BNM) under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613);
- Malaysian Enforcement Agencies that are responsible for the prevention, detection, and investigation of any serious offence as defined under the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613);
- Reporting Institutions conducting activities listed under the First Schedule of Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (Act 613);
- Ministry of Finance Malaysia in carrying out the function of government procurement.
Access to BO information is provided in a controlled manner to ensure confidentiality of information and support law enforcement and compliance.
Further information can be referred to here: https://www.ssm.com.my/Pages/Product/Beneficial-Ownership-Information.aspx