Beneficial owners (BO) are always natural persons who ultimately own or control a legal entity or arrangement.
As the Companies Act 2016 [Act 777] (CA 2016) defines BO as “the ultimate owner of the shares and does not include a nominee of any description”, a clarification is required to ensure that a company is able to identify the natural persons who ultimately owns or have control over the company. To this end, the definition of BO must also be read together with section 8 of the CA 2016.
source: Suruhanjaya Syarikat Malaysia