Policy & Economy
Malaysia banks apply stricter rules on opening new accounts
The new rules have come about to forestall the use of ‘mule’ accounts for scams which resulted in Malaysians losing a total of RM1.218 billion last year.
Banks are applying more stringent conditions on customers who open new accounts, following the widespread use of mule accounts by scammers who have swindled millions of ringgit from Malaysians.
Banking sources told FMT that the banks have been instructed to ensure that new applicants provide documents on their sources of income, or provide letters from their employers.
Otherwise, the applications will be rejected even if the applicants wanted to deposit a huge sum of money.
Previously all that was required to open a bank account was to produce a MyKad and deposit a minimum sum.
Read more : FMT
