SSM Launches Access To Beneficial Ownership information, Enhances Corporate Transparency

KUALA LUMPUR, Jan 28 (Bernama) -- The Companies Commission of Malaysia (SSM) has launched the facility for accessing information on companies’ beneficial owners to enhance transparency in corporate practices.

This measure was carried out through the supply of beneficial ownership information initiative in accordance with the Companies (Access to Register and Information Relating to Beneficial Ownership) Regulations 2025, which came into effect on Jan 10, 2025. 

It aims to provide accurate and up-to-date beneficial ownership information of companies in Malaysia, which would be an important step in combating activities such as money laundering, terrorist financing, corruption, and tax evasion. 

In a statement today, SSM said the commission has made furnishing beneficial ownership information mandatory starting April 1, 2024. 

It said that under Section 56 of the Companies Act 2016, companies are required to obtain, record and report beneficial owners’ information to the registrar. 

As of Dec 31, 2024, 602,105 of 691,690 active companies on the SSM register have complied with the requirement to submit beneficial ownership information, with a compliance rate of 87.05 per cent. 

“The launch of the supply of beneficial ownership information (initiative) can benefit all stakeholders, including enforcement agencies listed under Section 3(1) of the Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 [Act 613], reporting institutions involved in activities specified under the First Schedule of the same Act as well as the Ministry of Finance which carries out government procurement functions. 

“Among the information that can be obtained through this initiative are the names of the beneficial owners, date of appointment as beneficial owners, category of beneficial owners and company status,” it said. 

SSM said the supply of beneficial ownership information is currently initially offered through the counter at Menara SSM@Sentral and will be expanded online later. 

To purchase information, applicants must register as users and confirm their registration via the SSM4U portal at this address: www.ssm4u.com.my. 

Existing users of the SSM4U portal who have been verified do not need to go through the re-registration process.

SSM said the fee for each application is RM20 in cash for each company, and beneficial ownership information will be provided to the applicant in PDF format via email within three working days from the date the complete application is received. 

Every application to obtain third-party beneficial ownership information must be accompanied by a written authorisation letter from the relevant organisation or institution to enable the supply of such information. 

-- BERNAMA