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Unclaimed Moneys and CDS-MOF
A. GENERAL INFORMATION
- When will moneys in dispute between the parties having interest thereon be subjected to the Unclaimed Moneys Act 1965 ?
Moneys in the entity’s savings will only be Unclaimed Moneys if the moneys is payable under the law but is still not paid within the specified period of time according to the provisions of the Act. Moneys in dispute between the parties having interest in it will only become payable under the law when the said dispute is resolved. After that, the money that is still not paid to its owner after the period of one year of within a longer period as decided will be known as unclaimed moneys.
- How can moneys in fixed deposit accounts having automatic renewal instructions become unclaimed moneys ?
According to the Unclaimed Moneys Act 1965, moneys in credit of a particular account that is not managed by the owners within the time period of not less than seven years is interpreted as Unclaimed Moneys.
Issuance of a standing instruction by the account holder may be accepted by financial institutions as business managed by its owner. However, action upon the said standing instruction will be taken by the financial institution and this action cannot be accepted as business managed by its owner. For the purpose of calculating the time period of seven years as specified in the Act, it starts from the date of the last standing instruction issued by the account holder.
- What should be done by the entity if there are errors in the Unclaimed Moneys Register (UMA-3) after it is submitted to the Registrar ?
If the submission of the Unclaimed Moneys has been processed by the Registrar, the said entity can submit an application to reclaim the moneys wrongly reported or the total surrender. To rectify the errors made, the entity is required to submit a new UMA-3 register.
If the said submission is still not processed by the Registrar, the said entity may apply to recover the UMA-3 register together with the payment cheque for the purpose of cancellation. The submission of the new UMA-3 must be forwarded.
- Who is authorized to sign form UMA-3 and UMA-4 ?
a) Company – Director, Company Secretary and any of its officers or party given the authority.
b) Corporation – Any of its officers or party given the authority.
c) Firm – Partner, manager or any of its officers or party given the authority
- What are the steps taken by the Registrar to create awareness among companies / firms on the requirement of the Unclaimed Act 1965?
Other than the entity check and guide book distribution, the Registrar also organizes briefing sessions on the provisions of the Act at his / her office and at all state offices of this Department (Accountant General’s Department of Malaysia). The Registrar is also prepared to accept any invitation by the entity to conduct the said briefing at their office.
B. SUBMISSION OF UNCLAIMED MONEYS
1. What is Entity Code and how to obtain it?
Entity code is a unique set of numbers generated by the Registrar of UM that will be disclosed to registered company/firm for the UM submission purposes. Company/firm shall fill up Form UMA-1 (Amd.1/2018) to obtain the entity code.
2. Should company/firm re-apply Entity Code for subsequent UM submissions?
No, company/firm shall continue using the same Entity Code granted by the Registrar of UM upon the first time registration.
3. Should company/firm submit Form UMA-1 (Amd.1/2018) for subsequent UM submissions?
No, company/firm shall be requested to re-submit the Form UMA-1 (Amd.1/2018) if there are changes in the company/firm’s information or authorized officer for UM submission.
Company/firm shall submit one (1) copy of Form 13/Section 28 (SSM) for the changes of company/firm’s name. Form UMA-1 (Amd.1/2018) should be typed, duly signed and handwriting is strictly not allowed.
4. Who are the rightful individuals to sign Form UMA-1 (Amd.1/2018)?
Form UMA-1 (Amd.1/2018) should be duly signed by the company/firm’s Director or General Manager or any high level officers deemed fit to sign.
5. Is company/firm allowed to use digital signatories on Form UMA-1 (Amd.1/2018) and Form UMA-4 (Amd.1/2018)?
Company/firm is not allowed to use digital signatories to sign one (1) copy of Form UMA-1 (Amd.1/2018) and two (2) copies of Form UMA-4 (Amd.1/2018.
6. Is company/firm allowed to sign only one (1) copy of Form UMA-4 (Amd.1/2018) and keeping another as a copy?
Two (2) original copies of Form UMA-4 (Amd.1/2018) should be duly signed and should be submitted to the Registrar of UM. Photocopies of the said form are not allowed.
7. Is company/firm still required to submit Form UMA-3?
No, Form UMA-3 is no longer required to be submitted starting on 1 January 2018 onwards.
8. What is the Register of UM (Excel)?
Register of UM is an Excel file that is prepared according to the guideline provided by the Registrar of UM.
9. Can all types of UM be registered in one (1) Register of UM (Excel)?
All types of UM can be registered in one (1) Register of UM (Excel).
10. What should company/firm do if the UM owner’s details are untraceable?
Company/firm shall provide unique information that could represent the UM owners and eases the issuance of confirmation letters by company/firm prior for the upcoming claims made by the rightful applicants.
11. What should company/firm do if there are errors in the Register of UM that was successfully submitted to the Registrar of UM?
Company/firm is advised and responsible to comprehend all UM information is accordingly rectified before submission.
12. Is company/firm allowed to use other software for encrypting the Register of UM (Excel).
Company/firm is allowed to use any software to encrypt the Register of UM. However, company/firm is obliged to use encryption key as provided by the Registrar of UM.
13. How to request for the encryption key?
The encryption key will be provided upon request through e-mail.
14. How should company/firm make payment for submission of UM?
Payment of submission of UM shall be made to the Registrar of UM via electronic fund transfer (EFT). All bank charges (if any) are subjected to the company/firm.
15. How to request for Registrar of UM bank account number?
The Registrar of UM bank account number will be provided upon request through e-mail.
16. What needs to be filled up by company/firm in recipient’s reference field upon payment?
Company/firm should fill up the recipient's reference according to the format the Registrar of UM has outlined.
Example:
First submission for the year 2020 : 00000066080120200001
Second submission for the year 2020 : 00000066130120200002
17. Is submission of UM deemed to be completed once company/firm made payment to the Registrar of UM bank account?
No, the submission of UM is deemed to be completed when the company/firm has submitted complete UM submission documentation and receipt has been issued by the Registrar of UM.
18. When does the UM rightful owner can start to check the UM details?
The rightful owners can start to check UM details after thirty (30) working days the Registrar of UM received complete submission documentation from company/firm.
19. What should company/firm do if they lost the Register of UM which had been submitted to the Registrar of UM?
Company/firm are advised to keep one (1) copy of the Register of UM as reference as long as the rightful owners are yet to claim from the Registrar of UM.
If the company/firm lost the Register of UM, the company/firm is advised to acquire the information from Percetakan Nasional Berhad (PNMB) or to check at National Library of Malaysia or National Archive Department.
20. Is there any minimum UM amount that is bound to be submitted to the Registrar of UM?
There is no minimum UM amount bound to be submitted to the Registrar of UM. Company/firm shall submit all UM to the Registrar of UM without limited to any minimum amount. Maybank Tower, 100, Jalan Tun Perak, 50050 Kuala Lumpur.
21. Should company/firm submit UM right after they are being classified as UM? As an example, should the UM identified in the month of May be submitted in same month?
Company/firm is not advised to submit UM right after they are being classified as UM. Otherwise, company/firm should maintain all UM from 1st January until 31ST December of the current year in one (1) Register of UM. Then, the company/firm shall submit the Register of UM not later than 31st March for the subsequent year.
22. What should be done if company/firm holds Outstanding UM?
Outstanding UM is the UM that shall be submitted by company/firm in previous years but yet to be submitted to the Registrar of UM. Company/firm shall submit the outstanding UM as soon as possible. Moreover, company/firm are permitted to submit the outstanding UM along with the current year’s UM in one (1) submission.
23. What company/firm should do when they are not holding any UM?
Company/firm should declare to the Registrar of UM that there are no UM for the particular year. However, the declaration is optional, not mandatory.
24. Is company/firm allowed to request for extending submission of UM and how long the extension period?
Company/firm shall submit the request to extend submission of UM not later than 31st March each year. Official requests shall be submitted in writings along with firm justifications. The Registrar of UM shall consider and will determine the extension period. However, the Registrar of UM possesses the authority to decline any request to extend the submission of UM.
25. What legal actions will be charged against company/firm that fails to comply with Section 10, Unclaimed Money Act 1965?
Company/firm which fails to comply with Section 10, Unclaimed Money Act 1965 are subjected to be compounded with the accordance to Section 16, Unclaimed Money Act 1965, not more than RM 20,000.00 with additional fine not more than RM 1,000.00 for each day during which the offence continues.
26. When shall the compound/fine be recognized under the Unclaimed Money Act 1965?
Compound/fine shall be recognized starting from date of offense until the company/firm complies with the Unclaimed Moneys Act 1965. For example, the company/firm is obliged to submit UM not later than 31st March 2020. However, company/firm submits the UM on 1st May 2020.
Based on the situation, company/firm shall be compounded maximum value of RM 50,000.00 which comprises of compound not more than RM 20,000.00 due to non-compliance with Section 10(2), Unclaimed Money Act 1965 and additional fine not more than RM 1,000.00 each day throughout thirty (30) days until the company/firm comply with the Act.
27. Is the compound due to non-compliance with Unclaimed Moneys Act 1965 only limited to company/firm?
Section 10(4), Unclaimed Money Act 1965 stated that compound/fine due to non-compliance with Unclaimed Moneys Act 1965 is not limited to company/firm. Any officers within company/firm who cause non-compliance with Section 10(1) and Section 10(2), Unclaimed Money Act 1965 are also subjected to penalty.
Section 16, Unclaimed Money Act 1965 stated that any parties that are suspected to have committed the offence shall be compounded, with consent in writing of the Public Prosecutor, by the Registrar of UM with the amount not exceeding 50% of maximum compound. However, any prosecution actions shall not be carried out against company/firm/individual if they are proven to make payments for the charges.
28. Officer of a company/firm, who is in charge to prepare the Register of UM (Excel) has resigned and may have caused the delay of submission of UM to the Registrar of UM within the stipulated period.
Based on this situation, are the company/firm and the said officer can be subjected to be compounded?
Company/firm is responsible to comply with the Unclaimed Moneys Act 1965. Non-compliance with the Act due to reason stated above is invalid.
Section 8, Unclaimed Moneys Act 1965 stated that Director or Secretary or any officers who are overseeing company/firm’s management, are liable to ensure the said company/firm comply with the Unclaimed Money Act 1965. Meanwhile, the resigned officer is not subjected to the Act anymore.
29. Where should the documents for submission of UM be submitted?
All original documents along with encrypted Register of UM (CD) shall be submitted by the company/firm to the Registrar of UM Office as stated below:
Registrar of Unclaimed Moneys,
Accountant Generals Department of Malaysia,
Unclaimed Moneys Management Division,
Floor 42nd, Maybank Tower,
100, Jalan Tun Perak, 50050 Kuala Lumpur.
Entity code is a unique set of numbers generated by the Registrar of UM that will be disclosed to registered company/firm for the UM submission purposes. Company/firm shall fill up Form UMA-1 (Amd.1/2018) to obtain the entity code.
2. Should company/firm re-apply Entity Code for subsequent UM submissions?
No, company/firm shall continue using the same Entity Code granted by the Registrar of UM upon the first time registration.
3. Should company/firm submit Form UMA-1 (Amd.1/2018) for subsequent UM submissions?
No, company/firm shall be requested to re-submit the Form UMA-1 (Amd.1/2018) if there are changes in the company/firm’s information or authorized officer for UM submission.
Company/firm shall submit one (1) copy of Form 13/Section 28 (SSM) for the changes of company/firm’s name. Form UMA-1 (Amd.1/2018) should be typed, duly signed and handwriting is strictly not allowed.
4. Who are the rightful individuals to sign Form UMA-1 (Amd.1/2018)?
Form UMA-1 (Amd.1/2018) should be duly signed by the company/firm’s Director or General Manager or any high level officers deemed fit to sign.
5. Is company/firm allowed to use digital signatories on Form UMA-1 (Amd.1/2018) and Form UMA-4 (Amd.1/2018)?
Company/firm is not allowed to use digital signatories to sign one (1) copy of Form UMA-1 (Amd.1/2018) and two (2) copies of Form UMA-4 (Amd.1/2018.
6. Is company/firm allowed to sign only one (1) copy of Form UMA-4 (Amd.1/2018) and keeping another as a copy?
Two (2) original copies of Form UMA-4 (Amd.1/2018) should be duly signed and should be submitted to the Registrar of UM. Photocopies of the said form are not allowed.
7. Is company/firm still required to submit Form UMA-3?
No, Form UMA-3 is no longer required to be submitted starting on 1 January 2018 onwards.
8. What is the Register of UM (Excel)?
Register of UM is an Excel file that is prepared according to the guideline provided by the Registrar of UM.
9. Can all types of UM be registered in one (1) Register of UM (Excel)?
All types of UM can be registered in one (1) Register of UM (Excel).
10. What should company/firm do if the UM owner’s details are untraceable?
Company/firm shall provide unique information that could represent the UM owners and eases the issuance of confirmation letters by company/firm prior for the upcoming claims made by the rightful applicants.
11. What should company/firm do if there are errors in the Register of UM that was successfully submitted to the Registrar of UM?
Company/firm is advised and responsible to comprehend all UM information is accordingly rectified before submission.
12. Is company/firm allowed to use other software for encrypting the Register of UM (Excel).
Company/firm is allowed to use any software to encrypt the Register of UM. However, company/firm is obliged to use encryption key as provided by the Registrar of UM.
13. How to request for the encryption key?
The encryption key will be provided upon request through e-mail.
14. How should company/firm make payment for submission of UM?
Payment of submission of UM shall be made to the Registrar of UM via electronic fund transfer (EFT). All bank charges (if any) are subjected to the company/firm.
15. How to request for Registrar of UM bank account number?
The Registrar of UM bank account number will be provided upon request through e-mail.
16. What needs to be filled up by company/firm in recipient’s reference field upon payment?
Company/firm should fill up the recipient's reference according to the format the Registrar of UM has outlined.
| Field |
Data Size |
Data Format |
Example |
| Entity Code |
8 digit |
Leading Zero |
00000066 |
| Payment date |
8 digit |
ddmmyyyy |
08012020 |
| Payment Sequence No. |
4 digit |
0001 |
Example:
First submission for the year 2020 : 00000066080120200001
Second submission for the year 2020 : 00000066130120200002
17. Is submission of UM deemed to be completed once company/firm made payment to the Registrar of UM bank account?
No, the submission of UM is deemed to be completed when the company/firm has submitted complete UM submission documentation and receipt has been issued by the Registrar of UM.
18. When does the UM rightful owner can start to check the UM details?
The rightful owners can start to check UM details after thirty (30) working days the Registrar of UM received complete submission documentation from company/firm.
19. What should company/firm do if they lost the Register of UM which had been submitted to the Registrar of UM?
Company/firm are advised to keep one (1) copy of the Register of UM as reference as long as the rightful owners are yet to claim from the Registrar of UM.
If the company/firm lost the Register of UM, the company/firm is advised to acquire the information from Percetakan Nasional Berhad (PNMB) or to check at National Library of Malaysia or National Archive Department.
20. Is there any minimum UM amount that is bound to be submitted to the Registrar of UM?
There is no minimum UM amount bound to be submitted to the Registrar of UM. Company/firm shall submit all UM to the Registrar of UM without limited to any minimum amount. Maybank Tower, 100, Jalan Tun Perak, 50050 Kuala Lumpur.
21. Should company/firm submit UM right after they are being classified as UM? As an example, should the UM identified in the month of May be submitted in same month?
Company/firm is not advised to submit UM right after they are being classified as UM. Otherwise, company/firm should maintain all UM from 1st January until 31ST December of the current year in one (1) Register of UM. Then, the company/firm shall submit the Register of UM not later than 31st March for the subsequent year.
22. What should be done if company/firm holds Outstanding UM?
Outstanding UM is the UM that shall be submitted by company/firm in previous years but yet to be submitted to the Registrar of UM. Company/firm shall submit the outstanding UM as soon as possible. Moreover, company/firm are permitted to submit the outstanding UM along with the current year’s UM in one (1) submission.
23. What company/firm should do when they are not holding any UM?
Company/firm should declare to the Registrar of UM that there are no UM for the particular year. However, the declaration is optional, not mandatory.
24. Is company/firm allowed to request for extending submission of UM and how long the extension period?
Company/firm shall submit the request to extend submission of UM not later than 31st March each year. Official requests shall be submitted in writings along with firm justifications. The Registrar of UM shall consider and will determine the extension period. However, the Registrar of UM possesses the authority to decline any request to extend the submission of UM.
25. What legal actions will be charged against company/firm that fails to comply with Section 10, Unclaimed Money Act 1965?
Company/firm which fails to comply with Section 10, Unclaimed Money Act 1965 are subjected to be compounded with the accordance to Section 16, Unclaimed Money Act 1965, not more than RM 20,000.00 with additional fine not more than RM 1,000.00 for each day during which the offence continues.
26. When shall the compound/fine be recognized under the Unclaimed Money Act 1965?
Compound/fine shall be recognized starting from date of offense until the company/firm complies with the Unclaimed Moneys Act 1965. For example, the company/firm is obliged to submit UM not later than 31st March 2020. However, company/firm submits the UM on 1st May 2020.
Based on the situation, company/firm shall be compounded maximum value of RM 50,000.00 which comprises of compound not more than RM 20,000.00 due to non-compliance with Section 10(2), Unclaimed Money Act 1965 and additional fine not more than RM 1,000.00 each day throughout thirty (30) days until the company/firm comply with the Act.
27. Is the compound due to non-compliance with Unclaimed Moneys Act 1965 only limited to company/firm?
Section 10(4), Unclaimed Money Act 1965 stated that compound/fine due to non-compliance with Unclaimed Moneys Act 1965 is not limited to company/firm. Any officers within company/firm who cause non-compliance with Section 10(1) and Section 10(2), Unclaimed Money Act 1965 are also subjected to penalty.
Section 16, Unclaimed Money Act 1965 stated that any parties that are suspected to have committed the offence shall be compounded, with consent in writing of the Public Prosecutor, by the Registrar of UM with the amount not exceeding 50% of maximum compound. However, any prosecution actions shall not be carried out against company/firm/individual if they are proven to make payments for the charges.
28. Officer of a company/firm, who is in charge to prepare the Register of UM (Excel) has resigned and may have caused the delay of submission of UM to the Registrar of UM within the stipulated period.
Based on this situation, are the company/firm and the said officer can be subjected to be compounded?
Company/firm is responsible to comply with the Unclaimed Moneys Act 1965. Non-compliance with the Act due to reason stated above is invalid.
Section 8, Unclaimed Moneys Act 1965 stated that Director or Secretary or any officers who are overseeing company/firm’s management, are liable to ensure the said company/firm comply with the Unclaimed Money Act 1965. Meanwhile, the resigned officer is not subjected to the Act anymore.
29. Where should the documents for submission of UM be submitted?
All original documents along with encrypted Register of UM (CD) shall be submitted by the company/firm to the Registrar of UM Office as stated below:
Registrar of Unclaimed Moneys,
Accountant Generals Department of Malaysia,
Unclaimed Moneys Management Division,
Floor 42nd, Maybank Tower,
100, Jalan Tun Perak, 50050 Kuala Lumpur.
C. REFUND OF UNCLAIMED MONEYS
- Where is the Application form for Refund of Unclaimed Moneys (UMA-7) available ?
Members of the public can obtain form UMA-7 from the Registrar’s office. This form is also available at all state offices of this Department and at most commercial banks. Applicants can download this form from the website for official use (Click here for UMA- 7) - Will the Registrar impose any charges for processing the application for refund of Unclaimed Moneys ?
No charges will be imposed. The Registrar will refund the amount of moneys received without any interest given. - Is there a specified time limit for the application of refund of Unclaimed Moneys that had been submitted to the Registrar?
The time limit is not specified in the Act. Moneys in the Registrar’s savings can be claimed by any person having right thereon and at any time in the future. - Can a particular applicant make a claim if the original document showing right over the Unclaimed Moneys is lost ?
Can. The applicant will need to submit a letter of confirmation from the entity that submitted the said Unclaimed Moneys as supporting document in his / her application. - Can a particular individual make inquiries whether he / she has Unclaimed Moneys in the Registrar’s savings.
An individual can check their unclaimed moneys at Registrar office counter or JANM state office.
Parties genuinely having Unclaimed Moneys will be able to provide the information needed. - Does the Registrar appoint agents?
The Ministry of Finance or Unclaimed Money Registrar have never appointed any individuals/ firms/ companies as an intermediary or agent for the refund of Unclaimed Money.
Anyone who has Unclaimed Money can apply for a refund directly to the office of the Unclaimed Money Registrar without any charges/ costs incurred. - Where can the claims for the refund of Unclaimed Money (WTD) be submitted?
All refund applications or any enquiries related to WTD can be submitted to the WTD Registrar at the following address:
Pendaftar Wang Tak Dituntut
Jabatan Akauntan Negara Malaysia
Bahagian Pengurusan Wang Tak Dituntut (BWTD)
Tingkat 42, Menara Maybank
100, Jalan Tun Perak
50050 Kuala Lumpur
Tel : 03-2056 8000
Fax: 03-2072 5707/ 03-2026 7430
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