SSM, BNM provide better clarity on beneficial ownership reporting requirements

KUALA LUMPUR, March 31 (Bernama) -- Companies Commission of Malaysia (SSM) and Bank Negara Malaysia (BNM) today issued a joint reference note to provide guidance on their beneficial ownership reporting requirements.

SSM said the joint reference note entitled “Requirements of BNM and SSM on Beneficial Ownership of Legal Persons” will provide clarity on the Guideline for the Reporting Framework for Beneficial Ownership of Legal Persons (SSM's guideline) issued by SSM and the revised Anti-Money Laundering, Countering Financing of Terrorism and Targeted Financial Sanctions for DNFBPs and Non-Bank Financial Institutions Policy Document issued by BNM (BNM's policy document). 

“The main objective of the issuance of the joint reference note is to provide clarity and guidance on the similarities and differences between the obligations on beneficial ownership reporting of company secretaries under the SSM’s guideline and the obligations of company secretaries as reporting institutions under the BNM’s policy document,” it said in a statement today. 

The joint reference note is divided into three parts, with Part A covering the introduction and objective of the joint reference note and Part B being an overview of the beneficial ownership requirements in illustration format.

Meanwhile, Part C (Appendices) is on the requirements of the SSM’s guideline in comparison to the BNM’s policy document such as the applicability, definition of beneficial owner, reporting requirements, record keeping and exemptions from the reporting requirements which are in table format for ease of reference.

SSM said the two documents issued by it and BNM have strengthened the reporting transparency of beneficial ownership in Malaysia, and with the issuance of this joint reference note, the stakeholders will have a better understanding in compliance with the beneficial ownership reporting framework.

The joint reference note can be accessed at SSM’s official website, via https://www.ssm.com.my/bm/Pages/Legal_Framework/document/SSM-BNM-Joint-BO-Reference-Notes.pdf 

-- BERNAMA