\u201cMoney to the credit of a trade account that has remained dormant for a period of more than two years such as trade payable accounts and other receivable accounts with credit balance are also considered unclaimed money.<\/p>\n
\u201cIn simpler terms, unclaimed money is money that has failed to be given to its rightful owner.\u201d<\/p>\n
![\"unclaimed](\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2017\/10\/unclaimedmoney2.jpg\")
Image from The Star<\/p><\/div>\n
Unclaimed money will not have any addition or deduction from the original amount, as stated under Section 11(3) of Act. This means owners will not continue to earn interest on unclaimed money.<\/p>\n
However, owners of the fund can check and claim the funds anytime, there is no expiry date to claiming the fund.<\/p>\n
\u201cSo there is no need for the public to panic, as there is no rush.<\/p>\n
\u201cThe Government is also developing an online system for checking and applying for refunds. It will be ready by next year,\u201d he added.<\/p>\n
The largest amount ever refunded to an individual was almost RM6 million from several accounts, while the smallest sum was 39 sen.<\/p>\n
Companies that are bound by the Act must maintain records of unclaimed money, and the funds (if any) have to be submitted to the Registrar by March 31 each year.<\/p>\n
These companies can face a fine of up to RM20,000 if they fail to comply, while for a repeated offence, a subsequent fine not exceeding RM1,000 for each day the offence continues.<\/p>\n
The public should be careful to avoid their money being classified as unclaimed, he advised.<\/p>\n
According to the 2015 Account General\u2019s Department annual report, there were 1,719 unclaimed submissions with a total receipt of RM666.8 million that year, compared to 1,724 submissions amounting to RM512.9 million in 2014.<\/p>\n
The Accountant-General is wholly responsible for the management of unclaimed money in the country.<\/p>\n
As a trustee of the funds, the Registrar inspects company records to identify unclaimed money; manages submission of that money; and manages its return to the rightful owners.<\/p>\n
For more information, visit www.anm.gov.my.<\/p>\n