SSM defends limited access to beneficial ownership data

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 clarified that 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. Thes...