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 ?
- Company – Director, Company Secretary and any of its officers or party given the authority.
- Corporation – Any of its officers or party given the authority.
- 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.
- When will moneys in dispute between the parties having interest thereon be subjected to the Unclaimed Moneys Act 1965 ?
B. SUBMISSION OF UNCLAIMED MONEYS
- What is Entity Code and how to obtain it? Entity code is a unique set of numbers generated by the Registrar of UMA that will be disclosed to registered company/firm for the UM submission purposes. Company/firm shall fill up Form UMA-1 (Pin.1/2020) to obtain the Entity Code.
- 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 UMA upon the first time registration.
- Should company/firm submit Form UMA-1 (Pin.1/2020) for subsequent UM submissions? No, company/firm shall be requested to re-submit the Form UMA-1 (Pin.1/2020) 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 (SSM) for the changes of company/firm’s name.
- Who are the rightful individuals to sign Form UMA-1 (Pin.1/2020)? Form UMA-1 (Pin.1/2020) should be duly signed by the company/firm’s Director or General Manager or any high level officers deemed fit to sign.
- Is company/firm allowed to use digital signatories on Form UMA-1 (Pin.1/2020) and Form UMA-4 (Pin.1/2020)? Company/firm is not allowed to use digital signatories to sign one (1) copy of Form UMA1 (Pin.1/2020) and two (2) copies of Form UMA-4 (Pin.1/2020).
- Is company/firm allowed to sign only one (1) copy of Form UMA-4 (Pin.1/2020) and keeping another as a copy? Two (2) original copies of Form UMA-4 (Pin.1/2020) should be duly signed and should be submitted to the Registrar of UMA. Photocopies of the said form are not allowed.
- 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.
- What is the Register of UMA (Pin.1/2018)? Register of UMA is an Excel file that is prepared according to the guideline provided by the Registrar of UMA.
- Can all types of UMA be registered in one (1) Register of UMA (Pin.1/2018)? All types of UM can be registered in one (1) Register of UMA (Pin.1/2018).
- What should company/firm do if the UMA 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.
- What should company/firm do if there are errors in the Register of UMA that was successfully submitted to the Registrar of UMA? Company/firm is advised and responsible to comprehend all UMA information is accordingly rectified before submission.
- What is the procedure for encrypting Register of UMA (Pin.1/2018)? Company/firm is required to use WTD Submission Kit to encrypt the Register of UMA(Pin.1/2018).
- How should company/firm make payment for submission of UM? Payment of submission of UM shall be made to the Registrar of UMA via electronic fund transfer (EFT). All bank charges (if any) are subjected to the company/firm.
- 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 UMA has outlined:
Field Data Size Data Format Example Entity Code 8 digit Leading zero 00123456 Payment Date 8 digit ddmmyyyy 31012021 Payment Sequence No. 4 digit 0001
First submission for the year 2020 : 00123456310120210001
Second submission for the year 2020 : 00123456130720210002
- Is submission of UM deemed to be completed once company/firm made payment to the Registrar of UMA bank account? No, the submission of UMA is deemed to be completed when the Registrar of UMA has received a set of UMA submission documents and has issued an official receipts.
- When does the UMA rightful owner can start to check the UMA details? The rightful owners may start to check UMA details after thirty (30) working days the Registrar of UMA received a set of required documents from company/firm.
- What should company/firm do if they lost the Register of UMA which had been submitted to the Registrar of UMA? Company/firm are advised to keep one (1) copy of the Register of UMA as reference as long as the rightful owners are yet to claim from the Registrar of UMA. If the company/firm lost the Register of UMA, 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.
- Is there any minimum UMA amount that is bound to be submitted to the Registrar of UMA? There is no minimum UMA amount bound to be submitted to the Registrar of UMA. Company/firm shall submit all UMA to the Registrar of UMA without limited to any minimum amount.
- Should company/firm submit UMA right after they are being classified as UMA? Should the UMA identified in the month of May be submitted in the same month? Company/firm is not advised to submit UMA right after they are being classified as UMA. Otherwise, company/firm should maintain all UM from 1st January until 31st December of the current year in one (1) Register of UMA (Pin.1/2018). Then, the company/firm shall submit the Register of UMA (Pin.1/2018) not later than 31st March in subsequent year.
- What should be done if company/firm holds Outstanding UMA? Outstanding UMA is the UMA that shall be submitted by company/firm in previous years but yet to be submitted to the Registrar of UMA (Pin.1/2018). Company/firm shall submit the outstanding UMA as soon as possible. Moreover, company/firm are permitted to submit the outstanding UMA along with the current year’s UMA in one (1) submission.
- What company/firm should do when they are not holding any UMA? Company/firm should declare to the Registrar of UMA that there are no UMA for the particular year. However, the declaration is optional, not mandatory.
- Is company/firm allowed to request for extending submission of UMA and how long the extension period? Company/firm shall submit the request to extend submission of UMA not later than 31st March each year. Official requests shall be submitted in writings along with firm justifications. The Registrar of UMA shall consider and will determine the extension period. However, the Registrar of UMA possesses the authority to decline any request to extend the submission of UM.
- 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..
- 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.
- 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 noncompliance 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 UMA 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.
- Where should the documents for submission of UMA be submitted?
All original documents along with encrypted Register of UMA (CD) shall be submitted by the company/firm to the Registrar of UMA Office as stated below: :
Registrar of Unclaimed MoneysAccountant General’s Department of MalaysiaUnclaimed Moneys Management DivisionLevel 1, North Block, Perbendaharaan 2No. 7, Persiaran Perdana, Presint 2Kompleks Kementerian Kewangan62594 W.P. Putrajaya
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 DituntutJabatan Akauntan Negara MalaysiaBahagian Pengurusan Wang Tak Dituntut (BWTD)Tingkat 42, Menara Maybank100, Jalan Tun Perak50050 Kuala LumpurTel : 03-2056 8000Faks: 03-2072 5707/ 03-2026 7430
Unclaimed Moneys and CDS-MOF