Unclaimed Money Act Malaysia Check

According to section 10 unclaimed moneys act 1965 company firm is responsible for the following actions.

Unclaimed money act malaysia check. However owners of the fund can check and claim the funds anytime there is no expiry date to claiming the fund. Under the unclaimed moneys act 1965 malay. The government of malaysia s official portal. This means owners will not continue to earn interest on unclaimed money.

The money is submitted to the accountant general who also acts as the registrar for the unclaimed money. Basically unclaimed monies are made up of inactive bank accounts. Definition of unclaimed money. This system is enshrined as malaysian law under the unclaimed money act of 1965 which all registered companies are bound to where they can be fined up to rm20 000 for an offence.

You may have unclaimed monies you were unaware of just like me as i recently found out. Follow these steps and you can check whether you have any money held by the government at any time. Accountant general s department of malaysia agd level 1 8 ministry of finance complex no 1 persiaran perdana precinct 2 62594 putrajaya 603 8882 1000 603 8889 5821. Egumis makes it easier for you to check if you have any unclaimed monies.

These unclaimed monies are made up of inactive bank accounts unpaid salaries dividends matured fixed deposits insurance payouts and other various forms. Akta wang tak dituntut 1965 such sums of money will be transferred to the registrar of unclaimed moneys. Kuala lumpur jan 9 back in 2017 the malaysian government talked about launching the electronic government unclaimed money information system egumis to make it easier for the rakyat to check if they had any unclaimed monies. There s a total of myr7 billion in unclaimed monies as of 31 october 2019 according to the accountant general s department of malaysia agd.

But what do they do with the money. Unclaimed money will not have any addition or deduction from the original amount as stated under section 11 3 of act. Maintain a record of all unclaimed moneys in a register to be kept at its principal office or place of business in malaysia in the form to be determined by the registrar.