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.
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.
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:
Refuse/avoid/prevents from producing documents;
Fails to correct any error highlighted by the registrar; or
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.
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
CONTACT US :
Jabatan Akauntan Negara Malaysia
Bahagian Pengurusan Wang Tak Dituntut
Level 42, Maybank Tower
100, Jalan Tun Perak
56100 Kuala Lumpur
Tel: 03-2056 8000
Fax : 03-2026 7430/ 03-2072 5707