Unclaimed Moneys Act 1965

1.What is this?

This is moneys :-
which is legally due to the owner and have not been paid for a period of not less than one (1) year after it become payable e.g salaries, bonuses, dividends; in an account that has not been operated by the owner for a period of not less than seven (7) years e.g bank saving accounts, bank current accounts, fixed deposit accounts; and in a trade account which has remained dormant for a period of not less than two (2) years e.g trade and other payables.

2.Who is the owner?

This is the person entitled to any unclaimed moneys and includes his or her executors, administrators, or assignees and in the case of a company, its liquidators, lawful attorney or agent.

3.Who is responsible?

Every business holding unclaimed moneys must maintained a record of all unclaimed moneys in a register to be kept at its principal office or place of business. Every year before the last day of March, every businesses must lodge a copy of the register containing particulars of all unclaimed moneys which have not been paid up to the last day of December of the previous year together with the unclaimed moneys to the Registrar. Any business which fail to comply can be subject to a fine not exceeding RM20,000.00 on conviction and as further fine not exceeding RM1,000.00 for each day during which the offence continues.

4.Who is the Registrar?

The Minister of Finance has appointed the Accountant General as the Registrar in exercise of the powers conferred by Section 9(1) of the Act.

5.How to check for unclaimed moneys?

You can check with the Accountant General’s office whether you have any unclaimed moneys.

6.What to do if you have unclaimed moneys?

You can apply to the government for the return of the money.

7.General

Contact us if you require any further information.

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