(And How To Check if You Have Money That Is Unclaimed)
Understanding the Act
The Unclaimed Moneys Act 1965 (Revised 1989) is the primary legislation governing unclaimed money in Malaysia. The Unclaimed Moneys Act covers various types of unclaimed funds, such as dormant bank accounts, unclaimed insurance proceeds, unclaimed dividends, and unclaimed deposits. The Act outlines the procedures for identifying, reporting, and handling unclaimed money by financial institutions and other entities.
Under this Act, financial institutions and other entities are required to report and remit unclaimed money to the Registrar of Unclaimed Moneys. The Registrar then maintains a register of unclaimed money and takes steps to reunite the unclaimed funds with their rightful owners.
Verify Your Information
If you need specific information about the Act or its provisions, it’s advisable to consult the latest version of the legislation or seek legal advice. Additionally, regulations and procedures related to unclaimed money may have been updated periodically, so it’s essential to verify any information with current sources.
Speak to our tax and business advisory experts for the latest updates and best steps to take to navigate your unclaimed money in Malaysia.
Recent Amendments
Recently, Malaysia’s Ministry of Finance had proposed an amendment to the Unclaimed Moneys Act 1965 will allow the government to consider unclaimed money as revenue after 10 years. The proposed amendments to Section 11 under the Act will see the 15-year period shortened to 10 years.
Along with the shortening of the unclaimed money period, an additional Section of the Act shall be amended is the definition of unclaimed money under a new Section 2A. The term “unclaimed moneys” will refer to all sums of money legally payable to the owner and have remained unpaid for a period of not less than two years after they have become payable.
The current provision in Section 8 specifies that money becomes deemed unclaimed if it remains unpaid for at least one year. Funds sitting idle in an account without any activity from the owner for a minimum of seven years are categorized as “unchanged.” This classification extends to trade accounts that have been inactive for at least two years.
Additionally, proposed amendments highlight the introduction of a new Section 4A, granting authority to the Finance Minister to appoint any government officer as the Registrar of Unclaimed Moneys.
How to Check & Claim Your Unclaimed Money
Use this step-by-step guide to find out if you have unclaimed money in Malaysia:
- Register for an account with the eGUMIS portal at https://egumis.anm.gov.my/
- Use an identity card number and valid email address to create an account. Get your temporary password via email.
- Upon logging into your account, update your user information.
- Navigate to the ‘Click here for unclaimed money search’ button and check for your unclaimed money using your IC number. If there’s any unclaimed money, it will show up in the search results (see screencap below).
- To receive your unclaimed money in Malaysia, click on the Proceed to Application button. You are required to input your IC and bank account details and upload the relevant supporting documents.
Note: You may also check for family members using their IC number. Do note that each user’s account can only search up to twice a day.
Supporting documents you may need to get your unclaimed money in Malaysia:
Depending on the type of unclaimed money you get, you may be required to upload supporting documents as follows:
- Copy of identity card (for Malaysians)
- Copy of first page of bankbook or bank statement (for bank account refunds)
- Original document to show ownership of the unclaimed money (certificate, statement)
- Copy of passport of person applying to claim to show passport number, issuing country, official name, date of issue (for non-Malaysian)
- Note: Additional supporting documents to be submitted if the money is being claimed by the company / firm, heir / administrator or liquidator on behalf of the deceased original owner. See here for full list
For further help
For clarifications and questions, you can visit / get in touch with the Unclaimed Moneys Registrar office at the following address / phone number:
- Pendaftar Wang Tak Dituntut Jabatan Akauntan Negara Malaysia (Accountant General’s Department Of Malaysia) Bahagian Pengurusan Wang Tak Dituntut
- Address: Aras 1, Blok Utara, Perbendaharaan 2, No. 7, Persiaran Perdana Presint 2, Kompleks Kementerian Kewangan, Pusat Pentadbiran Kerajaan Persekutuan 62594 Putrajaya
- Phone number: 03-8000 8600 (Talian AM/General Line)