Are you ready?… they are coming! The Registrar of Unclaimed Moneys Act 1965 Part 1 of 2

01eKTP 23

02Inspection of the Records of Company under the Unclaimed Moneys Act 1965
 

We wish to inform that the Registrar of Unclaimed Moneys Act 1965 (UMA) is conducting random inspections of the records of companies or firms that are held by service providers, which provide corporate secretarial, accounting & payroll services to various companies or firms.

The objective of the inspection is to create awareness among service providers on the obligations of their clients under the UMA.

Every company holding unclaimed monies is require to maintain a record of all unclaimed monies in a register to be kept at its principal office or place of business in Malaysia in the form to be determined by the Registrar under Section 10(1) of the UMA.