PETALING JAYA: Anyone who cannot open a bank account can complain to Bank Negara Malaysia (BNM) if the bank’s complaints unit fails to resolve the problem.
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Finance Minister Tengku Zafrul Aziz told the Dewan Rakyat that BNM had not directed banks to reject or delay applications to open accounts by newly-registered associations.
In a written reply to Teresa Kok (PH-Seputeh), he said anyone having trouble opening an account with any bank should lodge a report with the bank’s complaints unit to ask for a reason for the delay or rejection.
“If they still face problems after this, they can lodge complaints with Bank Negara at its BNMTELELINK at 1-300-88-5465 or via its website at bnm.my/LINK,” he said.
Kok had asked if BNM had issued a directive on the matter as she had received many complaints from newly-registered associations that their applications to open new accounts had either been rejected or delayed for a long time.
Tengku Zafrul said the process of approving applications for savings and current accounts usually involved customer due diligence to ensure the accounts would not be used for money laundering.
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“Financial institutions are required to identify and verify that the customers are using documents that are from legal entities. This procedure is in line with the standards set by the international Financial Action Task Force.
“Applicants are normally asked to ensure they submit all documents and information that are requested by the banks so that the process is made easier,” he said.
In a statement earlier, Kok said the delays and refusal by banks were due to extended background checks.
She said the applications could be delayed for an indefinite period if the registered associations had individuals in their committees who were politically-exposed.
“One of the bank managers said they were afraid that these associations would use the bank accounts to carry out money laundering and could later face Bank Negara action, similar to the 1MDB case,” she said.
She added that the banks should not pre-judge those opening accounts and take over the role of the police or the anti-graft agency.-FMT