The role of this division is to increase the rate of corporate compliance by encouraging good corporate governance values (balance enforcement) approach by emphasizing continuous monitoring and education programs. This division is divided into three sections namely;
- Corporate Surveillance Section
- Corporate Accounts Monitoring Section
- Corporate Intermediaries Section
Corporate Surveillance Section (CSS)
- This section is responsible for monitoring and carrying out enforcement actions on companies and company directors who commit offences under the Companies Act 1965, the Companies Act 2016, the Registration of Businesses Act 1956 and the Companies Commission of Malaysia Act 2001. Corporate monitoring is an inspection by physical as well as online on business companies and Limited Liability Partnerships (LLP). This section consists of 6 units namely;
1. Corporate Administration Monitoring Unit;
- To monitor dormant companies with unreleased charges under Section 360(1) of Companies Act 2016 through issuance of compliance notices under Section 27B of the Companies Commission of Malaysia Act 2001.
- To monitor complaint files on companies that fail to file statement of affairs under Section 484(3) and Section 388(1) of Companies Act 2016.
- To take compliance actions on company directors who have been disqualified under Section 198(1)(a) and Section 198(1)(b) of Companies Act 2016.
2. Data Monitoring Unit;
- Issuance of reminders regarding the deadline for filing annual return to companies throughout Malaysia (local and foreign companies).
- Carry out data inspection in relation to compliance with the filing of annual return and financial statement and annual general meeting (for public company) for companies referred by complaint files, instructions by superior and reinstatement company.
- Issuance of notice under Section 27B of the Companies Commission of Malaysia Act 2001 to obtain confirmation regarding filing annual return, financial statement and annual general meeting (for public companies).
- Offer compound for offences relating to the submission of annual return, financial statement and annual general meeting (for public companies).
- Overseeing the implementation of the Compound Scheduler in the CBSROC system for offences under Section 68(1), Companies Act 2016 and monitoring the delivery of the compound notices.
- Overseeing the implementation of the Scheduler Compound in the MyLLP System for offenses under Section 68, Limited Liability Partnership Act 2012.
- Prepare statistics number of submission and compliance rates for annual return, financial statement and annual declaration.
- Prepare statistics and data of expired business for planning purposes related to premises inspection, notice distribution and other enforcement activities.
- Supervising statistics submitted by the States Office.
- Supervising the implementation of printing and delivery of enforcement notices by suppliers.
- Dealing with customers who are referred to the Data Monitoring Unit either in person, by telephone or by email.
3. Intelligence and Physical Inspection Unit:
- Responsible for conducting inspections on companies, Limited Liability Partnerships (LLP), and businesses to ensure compliance with the Registration of Businesses Act 1956, Companies Act 1965/Companies Act 2016, Limited Liability Partnerships Act 2012, and their respective regulations and rules.
- Organizes and participates in joint operations with other law enforcement agencies.
- Conducts physical inspections of night markets/food trucks.
- Issues compound notices to business owners, companies, and company officials for offenses under the relevant acts.
- Refers cases to the Investigation Division for investigative action.
- Refers cases to the Prosecution Division for prosecution actions.
4. Management of Investigation Paper & Dormant Company Unit
- Issuing Notices Under Section 551 (1) AS 2016 On Companies That Fail to File Annual Statements Pursuant to Section 68(8) Companies Act 2016 For Name Cancellation Actions Under Section 549 Companies Act 2016
- Taking Administrative Action Against Company Directors Who Failed to Submit Annual Statements / Latest Financial Statements After Objecting to Actions Under Section 549 of the Companies Act 2016
- Issuing Prosecution Reminder Notices and notices under Section 27B of the Companies Commission of Malaysia Act 2001 against companies and directors who have expired compounds prior to the opening of the prosecution file.
5. Compound Management Unit; and
- Attend to customer walk-in at the counter Level 26 and escalate inquiries other than compound appeal applications to the relevant officer or unit.
- Review customer issues received through email at ar_compliance@ssm.com.my and redirect inquiries other than compound appeal applications to the relevant officer or unit.
- Review and process appeals for compound reduction received at the counter and through email at ar_compliance@ssm.com.my.
- Monitor outstanding compounds that remain unsettled and take administrative enforcement actions against companies, company directors, and business owners involved.
- Receive and process online compound appeal applications for compounds under the Partnership Act / Limited Liability Partnership.
- Provide monthly compound revenue collection statistics for reporting to the Enforcement & Supervision Office and Corporate Communication Strategy Division.
6. Compliance Management Unit
- Monitor and review websites/social media, and issue compliance notices to companies/businesses/limited liability partnerships that fail to comply with provisioned acts regulated by SSM.
- Manage the usage of uniforms for officers and enforcement personnel at the Regulatory & Enforcement Office (Head Office and Enforcement Section SSM State Offices/Branches).
- Administer and conduct special marching and fitness training courses for officers and enforcement personnel.
Corporate Account Monitoring Section (CAMS)
The Corporate Account Monitoring Section is responsible for conducting monitoring entities that lodge financial information that has been submitted to SSM it ensures compliance with the provisions of the Companies Act 2016, Interest Scheme Act 2016, Trust Companies Act 1949 and Limited Liability Partnership Act 2012. Apart from that, this section also ensures that the accounting standards applied in the financial statement are in accordance with the accounting standards. The Corporate Account Monitoring Section consists of 3 units, as follows:
1. Financial Statement Monitoring Unit
This unit carries out the following activities:
- Ensure compliance of companies and officers of the company's directors under Division 3, Accounts and Audits, and Subdivision 1: Financial Statements and Report.
- Conduct monitoring on companies, Limited Liability Partnership (LLP), directors, managers and compliance officer LLP in relation to the preparation of financial statements and the content of directors' reports, the use of approved accounting standards, and the keeping of accounting records and other records; and
- Execute enforcement action against companies, LLP, directors, managers and compliance officer LLP in the event of failure to comply with the provisions of the Companies Act 2016, Trust Companies Act 1949, and Limited Liability Partnership Act 2012.
2. Company Limited by Guarantee Monitoring Unit
This unit carries out the following activities:
- Ensure compliance of the Company Limited by Guarantee and directors under Division 3, Accounts and Audits, and Subdivision 1: Financial Statements and Report;
- Conduct monitoring Company Limited by Guarantee, directors, and managers in relation to the preparation of financial statements and the content of directors' reports, the use of approved accounting standards, and the keeping of accounting records and other records;
- Conduct monitoring on compliance with the license conditions of the Company Limited by Guarantee under Section 45(5) of the Companies Act 2016; and
- Execute enforcement action against the Company Limited by Guarantee, directors, and managers in the event of failure to comply with the provisions of the Companies Act 2016.
3. Registered Interest Scheme Monitoring Unit
Carry out the following activities:
- Ensure management companies and trustees of scheme are following the provisions in the Interest Schemes Act 2016;
- Conduct monitoring to ensure that management companies and trustees of the scheme carry out their responsibilities under sections 24, 45, and 46 of the Interest Schemes Act 2016;
- Conduct monitoring of the management companies of scheme regarding the keeping of accounting records;
- Conduct monitoring to ensure that the management companies of scheme to renew the Prospectus when there are any changes to the scheme;
- Conduct monitoring to ensure that the management companies of scheme comply with the contents of the trust deed or supplementary trust deed; and
- Execute enforcement action on management companies of the scheme, directors, and trustees in the event of failure to comply with the provisions of the Interest Schemes Act 2016.
Corporate Intermediary Section (CIS)
This section is responsible for processing registration to act as a secretary which is a requirement under Section 241 of the Companies Act 2016. In addition, Corporate Intermediaries Section (CIS) also conducts monitoring on company secretaries, auditors, liquidators, and other corporate intermediaries. CIS consists of units as follows:
1. Corporate Intermediaries Registration Unit
- Application for Company Secretary Licensing under Section 20G(1)(a), Companies Commission of Malaysia Act 2001;
- Interview for Company Secretary Licensing;
- Renewal of Company Secretary Licensing under Section 20G(1)(b), Companies Commission of Malaysia Act 2001;
- Application to register as a Company Secretary (SSM Practicing Certificate) under Section 241, Companies Act 2016;
- Application to renew the SSM Practicing Certificate under Section 241, Companies Act 2016;
- Registration of new a audit firm under Section 265(1) Companies Act 2016;
- Registration of changes in a audit firm under Section 265(4) Companies Act 2016;
- Registration of auditors and liquidators under Companies Act 2016; and
- Renewal of auditors and liquidators licenses under Companies Act 2016.
2. Company Secretary and Compliance Officer Monitoring Unit
- To ensure compliance of company secretaries under provisions of the Companies Act 2016;
- To ensure of LLP officer compliance under the provisions of the Limited Liability Partnership Act 2012;
- To enforcement actions against non-compliance under the Companies Act 2016 and Limited Liability Partnership Act 2012; and
- Promote good corporate governance among company secretaries and compliance officers.
3. Auditors and Liquidators Monitoring Unit
- To ensure approved auditors and firm of auditors comply with the provisions under the Companies Act 2016;
- To ensure approved liquidator and firm of liquidators comply with the provisions under the Companies Act 2016;
- To enforcement actions against non-compliance under the Companies Act 2016; and
- Promote good corporate governance among company auditors and liquidators.