Your Straightforward Guide in Checking for Unclaimed Money!

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Your Straightforward Guide in Checking for Unclaimed Money!

November 18, 2021 incorp 0 Comments

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Imagine a package meant for you being delivered by a courier to your house. However, upon arrival, no one appears to be home. The courier then heads back to HQ, where the package is kept till they can determine either you or a family member is present at the time of the next delivery.

 

This principle similarly applies to monies that have been either forgotten or failed to be claimed, be it in the form of salary or perhaps dividends. Bearer of a particular recipient’s unclaimed money would have to deliver these unclaimed moneies over to the Registrar of Unclaimed Monies; making a report while there to ensure the recipient receives it later.

 

The objective of this article is to relay the nature and process on how to make an Unclaimed Money report/claim as a company owner and analyzing the legal act that revolves around it, Unclaimed Monies Act 1965.

 

About Unclaimed Monies

According to UMA (Unclaimed Monies Act 1965), unclaimed monies are defined as monetary assets legally payable to a recipient but yet remains unpaid for a period of not less than one year.

For example, if you have a bank account that has been dormant for the past seven years and there’s remaining cash inside, your local bank will then proceed to transfer the funds over to “Bank Negara” where you’re able to both apply and claim those “unclaimed money” from there. The website, E-Gumis allows you to check if you have any outstanding unclaimed monies.

 

Another example of unclaimed monies is found in the form of deposits. Imagine providing a deposit to your supplier should you for instance, be a business owner. Two years later from the date of contract termination with them (the supplier), the given deposit you may have forgotten about would be handed over by your supplier to “Bank Negara”. The bank then acts as a “trustee” for it till your retrieval of it.

 

Alternatively, you may seek the assistance and service of a Company Secretary (CoSec). But what other categories are considered as part of “Unclaimed Monies”? Attached below is a table consisting of some examples of transactions related to it: –

 

Companies & Firms Under UMA 1965 Jurisdiction

Directors would be responsible in the declaration of the UMA (Unclaimed Money Act) with the Registrar of the UMA in Malaysia. Despite that, Companies Secretaries, as compliance officer are to assist in ensuring that the Director(s) adhere with regulations imposed by UMA during Annual Return submissions to SSM. UMA 1965 is therefore enforceable to all companies incorporated under CA2016/CA1965, along with societies registered under ROS (Registrar of Societies), Corporations, public authorities, and trade unions, etc.

Requirements for Unclaimed Monies Submission

Handing an Unclaimed Money submission in Malaysia isn’t just a simple linear process. In fact, several essential requirements are needed to be adhered to prior. In accordance with Section 10, these include: –

i. Maintaining and updating the record of Unclaimed Monies (Such as Beneficiary Name & IC No., and unclaimed money amount) in the register

ii. Lodge with the Registrar of UMA, a copy of the Unclaimed Monies register not later than the last day of March

iii. Submit a copy of the Unclaimed Monies register for publication on the Gazette

Non-Compliance of Unclaimed Money Act

Failure to comply with the regulations of Unclaimed Money Act in Malaysia would result in the violator having to:

i. Pay a fine of RM500,000.

ii. Be imprisoned for 3 months or worse

iii. BOTH!

Unclaimed Monies Application Process

Upon successful compliance with the stated factors above, you’re now able to proceed with submitting an application of Unclaimed Monies with little to no hindrance via a simple to follow step-by-step guide below:

Click UMA-1 (Pin.1/2018)UMA-1 (Pin.1/2020)UMA-4 (Pin.1/2020) for more information on either of the forms.

With numerous aspects to keep track of, it’s easy to get lost in the details, especially if you’re unfamiliar with both Unclaimed Money Act and its accompanying processes… So why trouble yourself when you can instead partner with us in swiftly resolving your monetary related situation?

At Incorp, our team of professionals and seasoned veterans are equipped with close to 38 years’ worth of experience in the field of company secretary services in Malaysia; capable of seeing your Unclaimed Monies submission through both compliantly and successfully, with the assurance that your unclaimed money is delivered in a timely manner.

Interested? Feel free to liaise with us through either our email or WhatsApp with the relevant details located below and we’ll revert as soon as possible: –

Email: secretarial@elegant.com.my

WhatsApp: 017-2727118

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