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A rticle

Understanding Provisions Of The


Unclaimed Moneys Act 1965 &
(Amendment) 2002
Editor’s Note: This write-up was extracted from an administrative guidebook prepared by the Accountant General’s
Department (ANM) to explain the provisions of the Unclaimed Moneys Act 1965 & (Amendment) 2002. The guide serves
to highlight the obligations of companies and firms who are required to comply with the provisions of the said Act as
well as the procedures to be followed by any person who wishes to make a claim on unclaimed moneys held by the
Registrar. The said guidebook has no force in law

For the purpose of this write-up, the following terms (i) Companies incorporated under the provisions of The
used shall have the meaning as stated: Companies Act 1965 (including foreign companies
as specified under Division 2 of Part XI of that same
The Act refers to The Unclaimed Moneys Act 1965 & Act);
(Amendment) 2002 (ii) Boards established to manage funds relating to the
retirement benefits;
The Registrar refers to The Registrar of Unclaimed (iii) All registered societies and co-operative societies;
Moneys (iv) Corporations, public authorities and trade unions;
(v) Firms (i.e. persons associated together to carry out
Entities refers to companies and firms required to comply business).
with the provisions of The Unclaimed Moneys Act 1965
& (Amendment) 2002 Section 14 of The Act allows for any person who has
unclaimed moneys in his hands to lodge such moneys
The Registrar Of Unclaimed Moneys to The Registrar, even though he is not bound to do so
under The Act.
The Minister of Finance appointed The Accountant
General as The Registrar with effect from June 1, 1975. Unclaimed Moneys

Basically, unclaimed moneys are classified into the


The Unclaimed Moneys Act 1965 following categories:

The Act (a) Moneys which are legally payable to the owner but
have remained unpaid for a period of not less than one
● Defines unclaimed money; year.
● Spells out the responsibilities of those Entities who
are subjected to the provisions of The Act; Some examples under this category are:
● Spells out the roles and duties of The Registrar as
trustee to the unclaimed moneys received; (i) Salaries, wages, bonuses, commissions and other
● Authorizes The Registrar to refund unclaimed money payments due to employees;
to any claimant who can provide proof that he has (ii) Dividends;
a legal right over the money to be claimed; (iii) Profits declared for distributions;
● Empowers The Registrar to inspect the records of (iv) Insurance claims which have been approved for
Entities to ascertain compliance with the provisions payment;
of The Act; (v) Bank draft, cashier’s order and other documents of
● Provides for the imposition of penalty on Entities similar nature whose validity period have lapsed;
who have committed an offence under The Act. (vi) Fixed deposits (without automatic renewal instruction)
which have matured;
Entities Who Must Comply With The Provisions (vii) Tender deposits for which the intended purpose has
Of The Act been fulfilled.

Section 8 of The Act requires the following Entities (b) Moneys standing to the credit of an account that
(identified as company or firm in The Act) to has not been operated in whatever manner by the owner
comply: for a period of not less than seven years.

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Under this category are:


The entity is also required to prepare three copies of
(i) Savings account; form UMA-4. One copy to be retained by the entity for
(ii) Current account; reference purpose and two copies of form UMA-4 together
(iii) Fi xe d d e p o s i t s ( w i t h a u t o m a t i c r e n e w a l with the cheque for the unclaimed moneys reported in
instruction). the register to be sent to The Registrar.

(c) Moneys to the credit of a trade account that have Cheque for payment of unclaimed moneys should be
remained dormant for a period of not less than two made out in favour of JABATAN AKAUNTAN NEGARA
years. MALAYSIA.

Commonly Used Forms Example:

The following schedule details the forms required to be The savings account of Ahmad with ABC Bank was
filled by an Entity in order to comply to The Act. opened on March 3, 1980. The account was active
(i.e. deposits and withdrawals were made from the
account) until September 8, 1996 when he made the
Form Copies last withdrawal of money from his account. Interest
Usage
Reference Required accrued on the bank balance continued to be credited
to his account by the bank.
Register of
UMA-3 4
Unclaimed Moneys The money in the savings account of Ahmad is deemed
Covering Form for to be unclaimed on September 9, 2003 (because
UMA-4 Payment of Unclaimed 3 the account was not operated by Ahmad for seven
Moneys and Form UMA-3 years). Section 10(1) of The Act requires ABC Bank
to register details of the unclaimed money in form
Application for Refund of UMA-3. Similarly, all other moneys which have become
UMA-7 1
Unclaimed Moneys unclaimed are to be registered in form UMA-3. (Form
UMA-3 to be used is for the period commencing
Note: the above forms are obtainable from The Registrar’s
January 1, 2003 to December 31, 2003).
office
Form UMA-3 is to be closed on 31 December 2003
If the company/firm wishes to format forms UMA-3 and and ABC Bank has from January 1, 2004 until the end
UMA-4, the entity concern is required to obtain approval of March 2004 to forward a copy of form UMA-3 to
from the office of The Registrar. The Registrar and two copies to Percetakan Nasional
Malaysia Berhad to be gazetted. It will retain the fourth
Obligations Of Entities copy of form UMA-3.

An Entity in possession of unclaimed moneys is required ABC Bank has until March 31, 2004 to prepare form
to register details of those unclaimed moneys in form UMA-3 and UMA-4 (the covering form) and sent them
UMA-3 as required under Section 10(1) of The Act. Form together with the cheque for unclaimed moneys to
UMA-3 is based on an annual cycle commencing from The Registrar.
January 1 to December 31 of the same year as required
under Section 10(2) of The Act. Penalty For Non-compliance

Copies of form UMA-3 are to be sent to the following Section 10A(2) and 10(4) of The Act state that any Entity
parties by the entity within January 1 to March 31 each who fails to comply with Section 10(1), 10(2) and 10A(1)
year, i.e. by March 31: of The Act shall be guilty of an offence and shall be
liable, on conviction, to a fine not exceeding RM20,000
(i) Original copy of form UMA-3 to The Registrar (Section and thereafter with a further fine of up to RM1,000 for
10(2) of The Act) together with the soft copy as per each day during which the offence continues.
Lampiran A;
(ii) Second and Third copies of form UMA-3 to Percetakan Inspecting Records Of An Entity
Nasional Malaysia Berhad at Jalan Chan Sow Lin,
50554 Kuala Lumpur (for the purpose of gazetting Section 12 of The Act empowers The Registrar (or any
as required under Section 10A(1) of The Act); person authorized by him) to carry out inspection of
(iii) Fourth copy of form UMA-3 to be retained by the records kept by an Entity to ascertain whether the Entity
entity as the Unclaimed Moneys Register. has complied with provisions of The Act.

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The Registrar (or any person authorized by him) may (a) The employee of the Entity must sign form UMA-7
also seize any books, registers, records or documents in with a cop indicating name and position together with
order to furnish evidence of non-compliance of The Act the company/firm cop;
by the Entity.
(b) An authorized letter given by the Entity to the
Refund Of Unclaimed Moneys individual to claim on behalf of the company/firm;

In order to allow for the refund of unclaimed moneys, the (c) The company/firm is required to furnish details of its
claimant must satisfy The Registrar that he is the rightful bank account number and address to allow for the refund
owner or that he has a legal right over the money to cheque to be issued;
be claimed.
(d) If the claim is for the return of money wrongly sent to
In the case of claim to be made by an individual, the The Registrar as unclaimed money, documentary evidence
following documents are required to be submitted to The to show the fact that the money originally sent by the
Registrar’s office by the claimant: company/firm actually belongs to the company/firm has
to be furnished. In addition, the company./firm is also
(a) A copy of form UMA-7, duly completed and signed; required to fill an Indemnity Bond.
(b) The original document showing ownership of the
money to be claimed (e.g. bank book, dividend Unclaimed Securities
warrant, fixed deposit certificate);
(c) Photocopy of identity card of the claimant. The Account General is the custodian of unclaimed
securities which are governed under various statutes
Note: including:

● Where the claimant is unable to produce the original (a) Section 6.5 of the Trustee Act 1949
document showing ownership of the money to be (b) Section 353 of the Companies Act 1965
claimed as mentioned above, he has to obtain a letter (c) Section 36 of the Trust Companies Act 1949
of confirmation (providing details of the money being
claimed) from the Entity who forwarded the unclaimed Section 6.5 of the Trustee Act 1949 states that ‘Trustees
money to The Registrar. can lodge into Court securities in their hands. Order 90
Rules of the High Court 1980 prescribes the procedure
● A foreign national who lodges a claim is required to to be followed by trustees who wish to lodge securities
produce a photocopy of those pages in his passport into Court.’
showing the passport number, country of issue, name and
photograph of the holder as well as the page indicating Section 353 of the Companies Act 1965 states that ‘A
the validity period of the passport. If the foreign national company who is unable to trace any of its shareholder
does not have a passport, any document which confirms for a period of ten years is allowed to transfer the
identity of the claimant should be produced. share belonging to such shareholders to the Minister of
Finance.’
● Where the claimant is not the original owner of the
unclaimed money but has a legal right over it, he is Section 36 of the Trust Companies Act 1949 states that
required to submit documentary proof of such right. ‘Trust companies are to lodge into Court securities in
Documents which are acceptable include: Letter of their hands which have remained unclaimed for a period
Administration; Power of Attorney; Grant of Probate; Form of six years.’
E/F under the Small Estate (Distribution) Act 1955; and
Court Order. Further information on The Unclaimed Moneys Act 1965 &
(Amendment) 2002 is available from:
In the case of savings account of a minor operated by
an individual as trustee, claim for refund can only be The Registrar of Unclaimed Moneys
considered if it is made by the trustee unless the minor Trust and Securities Management Division
has attained the age of 18 years at the time of making Accountant General’s Department
the claim (12 years for Bank Simpanan Nasional account Level 42, Menara Maybank
holder) 100 Jalan Tun Perak
50050 Kuala Lumpur
For claim made by a company/firm, the guideline for Tel: 03 – 2034 1850
claim made by an individual as mentioned above is Fax: 03 – 2072 5707
also applicable, in addition to the following additional www.anm.gov.my
requirement:

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