Company Secretaries’ Perspectives on the Implementation and Procedural Aspects of Ultimate Beneficial Ownership Declarations in Malaysian Private Companies
DOI:
https://doi.org/10.24191/jas.v23i2.10614Keywords:
Perception; Ultimate Beneficial Ownership; Company Secretaries; Private CompaniesAbstract
Corporate ownership regulation has become increasingly important in combating financial crimes such as money laundering, tax fraud, and terrorism financing. A central measure in this effort is the requirement for companies to declare their Ultimate Beneficial Owners (UBO). This study examines Malaysian company secretaries’ perceptions of UBO disclosure adoption. A survey of 405 respondents was analyzed using SPSS, revealing that regulation awareness and perceived benefits significantly influence favorable perceptions, while administrative challenges and compliance costs show no significant impact. The findings highlight the need for clear guidelines and efficient procedures to strengthen compliance. However, the study is limited to the Klang Valley region, which may affect generalizability. Future research should expand geographically and incorporate qualitative approaches to provide deeper insights into the practical challenges and policy implications of UBO compliance.
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