Latest news with #SSM
New Straits Times
6 days ago
- Business
- New Straits Times
SSM defends beneficial ownership data restrictions, citing national security and privacy
KUALA LUMPUR: The Companies Commission of Malaysia (SSM) has clarified that the decision to restrict public access to beneficial ownership (BO) data under newly enforced regulations was made in line with international best practices and national security interests. In a statement today, the commission said the move aimed to strike a balance between corporate transparency, personal data protection and the safeguarding of national interests. The Companies (Access to Register and Information Relating to Beneficial Ownership) Regulations 2025, which came into force on Jan 10, limit access to BO information to a defined group of users. These include the beneficial owner or their authorised representatives, enforcement agencies listed under the Anti-Money Laundering Act, reporting institutions involved in anti-money laundering and counter-terrorism financing, and the Finance Ministry for procurement-related matters. SSM said the regulations were introduced through the Companies (Amendment) Act 2024 and the Limited Liability Partnerships (Amendment) Act 2024, which came into effect on April 1 last year and Jan 31 this year, respectively. "These reforms were formulated following extensive public consultation and debate in Parliament. Malaysia's BO reporting framework is designed to balance transparency with the protection of personal data, national interests and security." The commission said Malaysia's approach is consistent with that of several Asean countries, including Singapore, Thailand and Indonesia, as well as non-Asean nations such as China, Japan and South Korea, which similarly limit access to BO data to government or regulatory bodies. It added that in Europe, countries such as France, Germany and the Netherlands had also restricted public access to such data, following a 2022 ruling by the European Court of Justice which deemed unfettered access a serious breach of privacy and data protection rights. "These global developments signal a broader international shift towards re-evaluating the extent of public access to BO data. "To date, over 636,000 active companies, representing more than 92 per cent of registered entities in Malaysia, have complied with the new BO reporting requirements." SSM said similar access rules would soon be introduced for limited liability partnerships. It also warned that the new framework includes strict enforcement provisions, with individuals found guilty of knowingly providing false BO information facing up to 10 years' imprisonment, a RM3 million fine, or both. Institutions granted access to BO data are required to report any discrepancies with their records within 30 days or risk penalties. "SSM remains committed to transparency, good governance and accountability, while ensuring that personal data and national interests are safeguarded." It added that continued engagement with stakeholders is welcomed to further enhance Malaysia's corporate regulatory framework.
Free Malaysia Today
7 days ago
- Business
- Free Malaysia Today
SSM defends limited access to beneficial ownership data
The Companies Commission of Malaysia said its beneficial ownership reporting framework is designed to balance transparency with the protection of personal data, national interests and security. (Facebook pic) PETALING JAYA : The Companies Commission of Malaysia (SSM) has defended the decision to restrict public access to beneficial ownership (BO) data under newly enforced regulations, amid criticism from civil society and the public. In a statement today, SSM addressed concerns raised by Transparency International Malaysia and discussions on social media. It asserted that the Companies (Access to Register and Information Relating to Beneficial Ownership) Regulations 2025 are in line with international best practices and Malaysia's national security interests. The new regulations, which took effect on Jan 10, limit access to BO information to specific parties. SSM said the framework was introduced under the Companies (Amendment) Act 2024 and the Limited Liability Partnerships (Amendment) Act 2024, which came into force on April 1 last year and Jan 31 this year, respectively. These reforms were developed following extensive public consultation and debate in Parliament. 'Malaysia's BO reporting framework is designed to balance transparency with the protection of personal data, national interests and security,' it said. Under the regulations, only a defined group of users are granted access to BO data. They include the beneficial owner or their authorised representatives, enforcement agencies listed under the Anti-Money Laundering Act, reporting institutions conducting anti-money laundering and counter-terrorism financing work, and the finance ministry for procurement-related matters. SSM said this approach aligns with global trends. Asean countries (including Singapore, Thailand and Indonesia), China, Japan and South Korea also restrict access to BO data, limiting it to regulatory or government bodies. In Europe, nations like France, Germany and the Netherlands have curtailed public access following a 2022 European Court of Justice ruling that unrestricted public access constitutes a serious infringement of privacy and data protection rights. 'These global developments signal a broader international shift towards re-evaluating the extent of public access to BO data, with an emphasis on balancing corporate transparency with personal data protection and national security,' it said. To date, more than 636,000 active companies in Malaysia – representing more than 92% of the total – have complied with the new BO reporting requirements. SSM has also announced that similar access regulations will soon be introduced for limited liability partnerships. It emphasised that enforcement provisions are stringent, and any person found guilty of knowingly providing false BO information may face up to 10 years' imprisonment, a RM3 million fine, or both. Institutions granted access to BO data must report any discrepancies with their own records within 30 days or risk penalties. 'SSM remains committed to transparency, good governance and accountability, while ensuring that personal data and national interests are safeguarded,' it said. It welcomed engagement with stakeholders to continuously improve the effectiveness and credibility of Malaysia's corporate regulatory framework.
The Sun
21-05-2025
- Business
- The Sun
Raffcomm eyes RM60 mil revenue from SSM e-Info this year
KUALA LUMPUR: Raffcomm Technologies Sdn Bhd (Rafftech) aims to achieve RM60 million in revenue from the Companies Commission of Malaysia's (SSM) e-Info services by the end of this year. Raffcomm is the official service provider of the portal. The platform, authorised by SSM, offers online access to a wide range of corporate information and services, including company profiles, business profiles, financial comparisons, and various certificates. Rafftech chief business officer Rozaina Shafie said the company has recorded steady growth since launching the online portal in 2006. 'In 2008, our revenue was just over RM200,000. Last year, it reached RM36 million. Over the past 19 years, we have made significant progress. Our current targets, agreed upon with SSM, reflect our continued focus on growth,' she said during a press conference held today in conjunction with the launch of the SSM e-Info rewards programme and mobile app 3.0. Rozaina said users can also search for company information free of charge using the app's search engine, but detailed reports require payment, explaining that this pricing structure aligns with Rafftech's service model and has been approved by SSM. Rafftech executive chairman Datuk Md Afendi Hamdan said SSM e-Info has been a trusted gateway for businesses and the public to search, access, and purchase corporate information of companies incorporated and registered in Malaysia. 'These initiatives represent a strategic step forward in enhancing digital service delivery for the Malaysian public and business community,' he said at the event. Meanwhile, in a statement, Rafftech described the SSM e-Info mobile app as a vital tool for accessing comprehensive corporate information officially registered with SSM. 'The application is meticulously designed to meet the needs of business professionals, investors, and legal teams who require immediate access to real-time data on companies operating in Malaysia. The app is available for download on both the Apple App Store and Google Play Store, making it an indispensable resource for those engaged in corporate and legal activities in Malaysia,' it said. Rafftech also highlighted that SSM e-Info is the only SSM service offering digitally certified true copy documents through its in-house certification authority, licensed by the Malaysian Communications and Multimedia Commission (MCMC), ensuring the authenticity and integrity of documents purchased.
The Sun
21-05-2025
- Business
- The Sun
Raffcomm aims to achieve RM60 mil revenue from SSM e-Info
KUALA LUMPUR: Raffcomm Technologies Sdn Bhd (Rafftech) aims to achieve RM60 million in revenue from the Companies Commission of Malaysia's (SSM) e-Info services by the end of this year. Raffcomm is the official service provider of the portal. The platform, authorised by SSM, offers online access to a wide range of corporate information and services, including company profiles, business profiles, financial comparisons, and various certificates. Rafftech chief business officer Rozaina Shafie said the company has recorded steady growth since launching the online portal in 2006. 'In 2008, our revenue was just over RM200,000. Last year, it reached RM36 million. Over the past 19 years, we have made significant progress. Our current targets, agreed upon with SSM, reflect our continued focus on growth,' she said during a press conference held today in conjunction with the launch of the SSM e-Info rewards programme and mobile app 3.0. Rozaina said users can also search for company information free of charge using the app's search engine, but detailed reports require payment, explaining that this pricing structure aligns with Rafftech's service model and has been approved by SSM. Rafftech executive chairman Datuk Md Afendi Hamdan said SSM e-Info has been a trusted gateway for businesses and the public to search, access, and purchase corporate information of companies incorporated and registered in Malaysia. 'These initiatives represent a strategic step forward in enhancing digital service delivery for the Malaysian public and business community,' he said at the event. Meanwhile, in a statement, Rafftech described the SSM e-Info mobile app as a vital tool for accessing comprehensive corporate information officially registered with SSM. 'The application is meticulously designed to meet the needs of business professionals, investors, and legal teams who require immediate access to real-time data on companies operating in Malaysia. The app is available for download on both the Apple App Store and Google Play Store, making it an indispensable resource for those engaged in corporate and legal activities in Malaysia,' it said. Rafftech also highlighted that SSM e-Info is the only SSM service offering digitally certified true copy documents through its in-house certification authority, licensed by the Malaysian Communications and Multimedia Commission (MCMC), ensuring the authenticity and integrity of documents purchased.
Barnama
19-05-2025
- Business
- Barnama
Company Director Claims Trial To Giving False Statements To Registrar Of Companies
KUALA LUMPUR, May 19 (Bernama) -- A construction company director pleaded not guilty in the Sessions Court here today to three counts of making false statements to the Registrar of Companies three years ago. Juliana Jamian, 38, entered her plea after the charges were read out before Judge Mohd Zaki Mohd Salleh. For the first two charges, she is accused of submitting false statements to the Registrar of Companies concerning her appointment as director of UTS Maju Construction Sdn Bhd and the resignation of Wali Ullah Khan as director of the same company through Form Section 58 dated Sept 30, 2022. Juliana is also charged with making a false statement to the Registrar of Companies regarding the transfer of 299,998 shares from Wali Ullah Khan to herself, as stated in Form Section 51 dated Oct 8, 2022. The three offences were allegedly committed at the Companies Commission of Malaysia (SSM), Menara SSM@Sentral, KL Sentral, on Sept 30 and Oct 8, 2022. The charges were framed under Section 593(b) of the Companies Act 2016 (Act 777), read together with Section 34 of the same Act, which provides for a maximum sentence of ten years' imprisonment, a fine of up to RM3 million, or both, upon conviction. Earlier, SSM prosecuting officer Farieza Hazreen Salehuddin proposed bail of RM10,000 for each charge, while defence counsel Muhamad 'Aizat Adli Zalil requested that bail be set at RM3,000 per charge. The court allowed Juliana bail of RM10,000 for all charges and ordered her to surrender her passport The case has been fixed for mention on 4 June.
