ACMM Calls For Transparent Rules On Bank Account Closures

KUALA LUMPUR, Nov 3 (Bernama) -- The Association of Credit Management Malaysia (ACMM) has called on Bank Negara Malaysia (BNM) and the Ministry of Finance to introduce clear and transparent rules on bank account closures amid rising cases of sudden and unexplained suspensions affecting individuals and businesses.

ACMM said in a statement today that while it supports BNM’s efforts to strengthen anti-money laundering measures, such enforcement actions must be carried out fairly, with due process and proper justification.

“In recent months, many businesses, particularly those arbitrarily classified as 'high-risk', have faced sudden account suspensions or closures without clear explanation or evidence, causing severe disruptions to their operations, including cash flow, payroll, supplier payments, and overall business continuity,” it said.

ACMM added that no individual or company should face punishment, penalties, or discrimination unless proven guilty in a court of law.

“Account closures based merely on suspicion or internal risk classification, without sufficient justification or opportunity for appeal, contradict the fundamental principles of fairness and natural justice,” it said. 

ACMM president Dr Sri Ganesh Michiel said the association recognises the importance of combating money laundering and terrorism financing, but stressed that legitimate businesses and individuals must not be unfairly targeted or denied access to essential banking services.

“Many of these affected parties have not been charged, let alone convicted, of any offence, yet they are treated as guilty without trial,” he said. 

ACMM said it remains committed to supporting the government and regulators in safeguarding the financial system’s integrity, but emphasised that this must be balanced with protecting consumers’ and businesses’ rights to fair treatment and access to essential banking services.

-- BERNAMA