Banks impose stringent conditions for new accounts

12 August 2024

PETALING JAYA : Banks are now imposing stricter conditions on customers opening new accounts in response to the increasing misuse of "mule" accounts by scammers who have defrauded millions of ringgit from Malaysians.

According to banking sources interviewed by FMT, banks have received directives to verify the sources of income of new applicants or to obtain employment verification letters from their employers. Failure to provide these documents may result in the rejection of their account applications, regardless of the amount the applicants intend to deposit.

In the past, opening a bank account only required producing a MyKad and making a minimum deposit.

In light of complaints from individuals who were unable to open accounts due to missing documentation, one source emphasized that banks will scrutinize applications from students, housewives, and senior citizens seeking to establish accounts more carefully.