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Compliance with Malaysia Deposit Insurance Corporation

Circular No 020/2019
Dated 11 Feb 2019
 
To Members of the Malaysian Bar

 Compliance with Malaysia Deposit Insurance Corporation
(Disclosure Requirements for Trust Accounts and Joint Accounts) Regulations 2012

We refer to Circular No 024/2013 dated 23 Jan 2013, whereby we informed Members of the Bar regarding the Malaysia Deposit Insurance Corporation (Disclosure Requirements for Trust Accounts and Joint Accounts) Regulations 2012 (“Regulations 2012”), which came into operation on 27 Nov 2012.

Malaysia Deposit Insurance Corporation (also known as Perbadanan Insurans Deposit Malaysia, “PIDM”) has once again requested the Bar Council to remind Members to comply strictly with Regulations 2012 and to submit their trust account information to banks or financial institutions by 31 Mar 2019 (Sunday)

To facilitate the submission by Members, PIDM has provided a submission checklist with information on the annual submission requirement, as Appendix 1 (a copy of which is attached).

The relevant portion of the notice we received from PIDM is reproduced below.
 
For enquiries on PIDM, you may contact PIDM’s officers, Sejal Mehta (03-2173 7479) or Hoh Li Yun (03-2173 7561); or send an email to policyenquiry@pidm.gov.my.
 
Thank you.
 
Roger Chan Weng Keng
Secretary
Malaysian Bar

 
 
Dated: 17 January 2019
 
Re: Reminder to update trust account information by 31 March 2019
 

 
In this regard, PIDM would like to seek the Malaysian Bar’s assistance in reminding your respective members on the 2019 annual submission:
  
  1. If your members hold a trust account for two (2) or more beneficiaries at our DTMs, they are required to submit updated information relating to the trust account and the beneficiaries.
  2. The 2019 submission is based on trust account balances as at 31 December 2018.
  3. The updated information is to be submitted directly to our DTMs where the trust account is maintained. The deadline for the 2019 submission is by 31 March 2019

To facilitate the submission by your members, we have attached herewith a checklist that details out the annual submission requirement. Further details on PIDM’s protection for trust account can also be found on our website https://www.pidm.gov.my/en/for-public/deposit-insurance-system-dis/trust-accounts/.
 
Should you require further clarification on the above matter, please do not hesitate to contact our officers, Ms. Sejal Mehta or Ms. Hoh Li Yun; or write in to policyenquiry@pidm.gov.my.

[To add the 2019 Checklist that is below the Circular here]