Practice Directive on Lodgement of Beneficial Ownership Information
On 13 May 2024, the Companies Commission of Malaysia issued a practice directive to outline the procedures for the lodgement of beneficial ownership information. According to the practice directive, companies are given a three-month period starting from 1 April 2024 until 30 June 2024 (or such other period as specified by the Registrar) to update and lodge the beneficial ownership information with the Registrar of Companies through the Electronic Beneficial Ownership System (e-BOS).
The practice directive can be accessed here.
Publication of the Enforcement Approach
In its efforts to ensure stability and safeguard the integrity of Malaysia’s financial system, the Bank Negara Malaysia (“BNM”) has recently published the enforcement approach document (“Enforcement Approach Document”) on 6 May 2024, outlining BNM’s comprehensive enforcement regime. The Enforcement Approach Document addresses, among others, the following:
- Overview of BNM’s jurisdiction and the scope of its enforcement-related powers;
- Establishment and role of the Enforcement Committee;
- Details of the range of enforcement actions employed/adopted and general principles in determining the computation of monetary penalties; and
- Approach concerning the disclosure of enforcement actions taken.
The Enforcement Approach Document aims to provide an overview of BNM’s overall enforcement approach and process against acts committed by authorised or regulated persons in breach of regulatory standards and requirements administered by BNM.
