KUALA LUMPUR: Banks must promptly restore full access to financial services for customers cleared of fraud or no longer deemed a risk, says Finance Minister Datuk Seri Anwar Ibrahim.
Anwar said the requirement ensures customers who fell victim to financial fraud involving identity theft could continue accessing financial services.
This was part of Bank Negara Malaysia’s efforts to strengthen and standardise banks’ responses to financial fraud through its Financial Institutions’ Response to Fraud policy document, which came into effect in July this year.
“Under the policy, financial institutions are required to conduct comprehensive internal assessments before deciding how to deal with account holders suspected of involvement in fraudulent activities, including determining whether they are perpetrators, victims of exploitation or victims of identity theft.
“The policy also requires financial institutions to adopt a fair and reasonable approach when handling cases involving accounts suspected of being used as mule accounts.
“Subject to risk assessments, banks must consider providing affected customers with access to restricted accounts to ensure they can still use basic financial services, including receiving subsistence assistance and other monthly government incentives,” he said in a parliamentary written reply on Thursday (Oct 22).
He was responding to Wan Razali Wan Nor (PN-Kuantan), who asked about the mechanisms in place to ensure that scam victims whose bank accounts had been frozen due to identity theft did not lose access to subsistence assistance and monthly government payments.
Anwar said the time required to restore an account depended on the facts presented and the complexity of the investigation, including the information required for verification, subject to the relevant legal provisions.
