Beneficiary name or code
Ramli & Co. (Office account of a law firm)
Ramli & Co. (Client account in trust of a law firm)
3. WHAT IF THERE ARE SEVERAL TRUSTEES WHO HOLD ACCOUNTS FOR THE SAME BENEFICIARY IN THE SAME MEMBER BANK?
The beneficiary will receive separate protection up to RM250,000 for each trust account.
Ramli & Co.
Chew & Co.
4. WHAT IF A TRUSTEE HOLDS SEVERAL ACCOUNTS FOR THE SAME BENEFICIARY IN THE SAME MEMBER BANK?
All deposits will be combined and protected up to RM250,000.
Total deposits eligible for protection
5. WHAT IF A TRUSTEE HOLDS SEVERAL ACCOUNTS FOR DIFFERENT BENEFICIARIES IN THE SAME MEMBER BANK?
Each account is protected separately up to RM250,000.
6. WHAT INFORMATION MUST BE SUBMITTED BY A TRUSTEE ACTING FOR TWO OR MORE BENEFICIARIES, ANNUALLY?
A trustee acting for two or more beneficiaries is responsible for submitting the following information directly to the bank where the trust account is maintained:
7. WHEN IS THE SUBMISSION OF THE TRUST ACCOUNT INFORMATION DUE?
If you are a trustee acting for two or more beneficiaries in a single trust account, all the information stated in question (6) must be submitted to the banks by 31 March each year. The annual disclosure is to be made directly to the bank and not to PIDM.
You will receive a notification from your bank on the annual submission of information on trust accounts before 31 March each year.
8. MUST A TRUSTEE DISCLOSE HIS OR HER CLIENT'S NAME TO THE MEMBER BANK?
Pursuant to PIDM’s Regulations, the trustee need not disclose the name and address of each client (“beneficiary of the trust account”) to the member bank. Instead, the trustee has the flexibility to use a separate alphanumeric code or other identifier to represent each beneficiary on the records of the trustee. There should be only one code or identifier for the same beneficiary if a trustee holds several accounts in the same bank.
9. WHAT IF NONE OF THE INFORMATION HAS CHANGED SINCE LAST DISCLOSED?
PIDM requires member bank to remind trustees acting for two or more beneficiaries of the annual submission requirements on an annual basis. If the information has not changed, annual confirmation of no change is to be provided by the trustee to the bank.
10. WHAT IF THERE IS ONLY ONE BENEFICIARY IN A TRUST ACCOUNT?
If you are a trustee acting for a single beneficiary in a single trust account, you do not need to submit your trust account information to your bank on an annual basis.
11. WHAT WILL HAPPEN IF A TRUSTEE FAILS TO SUBMIT THE TRUST ACCOUNT INFORMATION?
A trustee who fails to comply with the annual submission requirements commits an offence under Section 195 of the Malaysia Deposit Insurance Corporation Act 2011 and may be liable to a fine, or to imprisonment, or to both.
12. WHAT IF I MISSED THE SUBMISSION DEADLINE OF 31 MARCH 2020 DUE TO THE MOVEMENT CONTROL ORDER ("MCO")? CAN I STILL SUBMIT THE INFORMATION TO THE BANK AFTER THE MCO?
Yes. The submission deadline has been extended to 31 May 2020. If you are a trustee acting for two or more beneficiaries in a single trust account, please submit all the information stated in question (6) directly to the bank where the trust account is maintained by 31 May 2020.
13. WHAT IF THERE ARE CHANGES TO THE BENEFICIARY'S DETAILS AFTER I SUBMITTED THE INFORMATION TO MY BANK IN FEBRUARY 2020? DO I NEED TO RESUBMIT THE INFORMATION TO THE BANK?
No. Resubmission of the information is not required. A trustee acting for two or more beneficiaries in a single trust account is only required to submit information of each beneficiary as at 31 December 2019.
14. WHAT IF I DID NOT RECEIVE ANY NOTIFICATION ON THE EXTENSION OF THE DEADLINE FROM MY BANK? CAN I STILL SUBMIT THE INFORMATION TO MY BANK?
Yes, you still can submit the information to your bank. Member banks are encouraged to notify trustees on the extension of the deadline. Please contact your bank should you have further queries on the submission.
*For more information, please refer to the Malaysian Deposit Insurance Corporation (Disclosure requirements for Trust Accounts and Joint Accounts) Regulations 2012.
PIDM melindungi simpanan di bank serta manfaat takaful dan insurans anda sekiranya sesebuah bank ahli atau ahli penginsurans mengalami kegagalan.