A total of 340,637 companies have submitted beneficial ownership information between July 1 and 14, said Domestic Trade and Cost of Living Minister Datuk Armizan Mohd Ali.
“This period is intended to ensure that all companies have sufficient time to comply with the requirements through the Electronic Beneficial Ownership System . Companies and each officer who violate Section 60B of the Companies Act 2016 by failing to comply with this responsibility, if convicted, can be fined not more than RM20,000, and in the case of a continuing offence, can be further fined not more than RM500 for each day the offence continues after conviction.
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