FREQUENTLY ASKED QUESTION (FAQ) ABOUT INSPECTION

1. What are the criteria set by the Registrar for the selection of Company/Firm to be inspect under Section 12 of the Unclaimed Moneys Act 1965?
   
   The Registrar select the Company/Firm on random basis which subjected to Section 8 of the Unclaimed Moneys Act 1965 and based on the sector that has been set for the inspection under Section 12 of the Unclaimed Moneys Act 1965.




2. Are the Company/Firm allowed to apply for the postponement of the inspection under Section 12 of the Unclaimed Moneys Act 1965?
   
   Company/Firm is required to make the application in writing to the Registrar with reasonable justification. However, the decision on the approval of the postponement is subject to the Registrar discretion.




3. What are the form of action that could be taken against the Company/Firm that is not cooperative with the Registrar in performing the inspection?
   
   In accordance of the section 12(4) of the Unclaimed Moneys Act 1965, a Company/Firm and any officer of a Company/Firm:
   
   

   1. Refuse/avoid/prevents from producing documents;

   2. Fails to correct any error highlighted by the registrar; or

   3. Obstruct or hinders the Registrar or person so authorized to perform the inspection

   
   Upon conviction, can be fine of not exceeding RM5,000 or imprisonment for a term not exceeding three months or to both.