A brief summary of Unclaimed Moneys Act 1965

1. UNCLAIMED MONEYS
ACT 1965
Malaysia

2. ABOUT ME
● Lawyer, Entrepreneur,
Content creator
● Founder of Virtual Law 365

3. If you hold
unclaimed moneys
Highest penalties:
Fine not exceeding RM20,000
and in case of continuing offence,
be liable to a further fine not
exceeding RM1,000 per day
during which the offence continues
See section 10(4), section 10A(2)
Unclaimed Moneys
Act applies to you

4. What is
“unclaimed
moneys”?

5. UNCLAIMED MONEYS
SECTION 8(1)
Money which are
legally payable to
the owner and
have remained
unpaid for a
period > 1 year
after they have
become payable
SECTION 8(2)
Money to the credit
of an account that
has not been
operated for a
period > 7 years
SECTION 8(3)
Money to the credit
of a trade account
which has
remained dormant
for a period >2
years

6. Duties and
Responsibility
as a holder of unclaimed
moneys

7. 01
Register
Maintain a record of all
unclaimed money in a
register form determined
by Registrar
Keep
02
Keep the register in
principal office or place
of business in Malaysia
Gazette
03
Submit register for
publication in the Gazette
before lodging with
Registrar
Lodgement
04
Lodge the register with
Registrar, not later than
last day of March
annually

8. Register of Unclaimed Moneys
Contain the following:
• Name
• Identification number
• Amount
• Type of Unclaimed Money Act
• Payment reference (optional)
If owner details are
untraceable
Invalid entry
• Unknown
• Tiada
• Tidak Berkaitan
• Tidak Berkenaan
• Nil
• NIL
You shall provide any
unique information that
could represent the owner

9. If you are the owner
● You may claim from the Registrar once the
moneys has been lodged with Registrar
● There is no time limit to recover such money
* limitation period of 7 years – against the
holder of unclaimed moneys
of the unclaimed money

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Disclaimer: The contents do not and are not
intended to be a substitute for legal advice and
should not be relied upon as such. You should seek
legal advice or other professional advice in relation
to any particular matters you or your organisation
may have.
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