Follow SOP in handling complaints over illegally withdrawn money

Deputy Finance Minister Lim Hui Ying emphasised that banking and financial institutions must adhere strictly to established standard operating procedures (SOPs) when handling complaints regarding unauthorized withdrawals of customers’ funds.

Lim indicated that the ministry had received numerous complaints about bank officials neglecting to take appropriate action or investigate cases where funds were withdrawn without authorization from account holders.

“There are some cases being handled by the Ministry of Finance (MoF) but they are only a low percentage and are still under control. We will investigate specific cases on a case-by-case basis,” she said, Bernama reported.

She said this after officiating the launch of the Trace and Recovery Operation (TRO) 2.0 (Declaration Without Payment) Series 2/2024 here today.

She emphasized that the SOPs are fully established and documented, and efforts to enforce them rigorously will be intensified, as there are still banks reluctant to comply.

“So we give a reminder because SOPs and announcements like these are not new, where customer complaints about their money being withdrawn illegally, the bank needs to investigate accordingly. If it can be proven that it is not the customer’s negligence and that all steps and procedures have been followed, hence the bank needs to be responsible.

“Bank account holders are advised to make it a habit to check their bank accounts and if this kind of thing still happens and they are not satisfied with the results of the bank’s investigation, the customer can complain to the Ombudsman for Financial Services (OFS) or directly to Bank Negara Malaysia,” she said.

She characterized the TRO 2.0 (Declaration Without Payment) ceremony as marking the start of a distinctive integrated operation orchestrated by the Royal Malaysian Customs Department (JKDM) across seven locations: Kuala Lumpur, Selangor, KL International Airport, Johor, Penang, Sabah, and Sarawak. The operation is slated to occur from July 14 to 19.

“It is to facilitate and even generate the impact of tax collection, and as of the beginning of this year, JKDM has achieved more than RM30 billion in collection from indirect taxes.

“With the current collection trend, we believe JKDM can achieve the projection set by MoF which is RM50 billion,” she said