Unclaimed Money Act 1965

What is Unclaimed Money?

Unclaimed money refers to monies that are legally payable to the rightful owner but have remained unpaid for a specified period. Typically, this includes:

• Salaries, bonuses, or dividends unpaid for 2 years
• Dormant trade account balances untouched for 2 years
• Inactive bank accounts (savings, current, fixed deposits) untouched for 7 years

Who should comply with provision of the Act?

A company incorporated under the provisions of The Companies Act 2016, including foreign company as specified under Division 1 of Part 5 of the Act. These unclaimed sums must be reported and submitted to the Registrar of Unclaimed Money.

Submission of Unclaimed Monies

Submission of all unclaimed monies are to be done is a series of procedure and guidelines to ensure compliance set by the Registrar of Unclaimed Money:

1. Maintain and keep a record of all unclaimed money up to the year ended 31 December in the format that has been set by the Registrar
2. Submit via eGUMIS (including UMA-4 and payment proof) by March 31 of the following year.
3. Submission must be digital, in specified formats, via the Registrar’s online portal.

Failure to comply requirements under Unclaimed Money Act 1965

Failure to comply to the Unclaimed Money Act may see companies facing fines up to RM20,000. Repeated offences will receive a subsequent fine not exceeding RM1,000 for each day the offence continues.

Fee-Free Refund Process

Individuals can claim unclaimed monies at any time—without charges—through the Registrar or via eGUMIS