Kuala Lumpur, 3 November 2025 –In recent months, many businesses – particularly those in industries arbitrarily classified as “high-risk”, have experienced sudden account suspensions or closures without clear explanation or evidence. These closures have caused severe disruptions to their operations, affecting cash flow, payroll, supplier payments, and overall business continuity. Worse still, such actions eliminate the financial and audit trail necessary for proper accountability, creating further complications for compliance and tax reporting for affected companies.
The Association of Credit Management Malaysia (ACMM) expresses deep concern over the growing number of sudden and unexplained bank account closures faced by individuals and legitimate businesses across Malaysia.
While ACMM fully supports Bank Negara Malaysia’s (BNM) initiatives to strengthen anti-money laundering measures and protect the financial system, the Association urge that these enforcement actions be conducted fairly, transparently, and in accordance with the principles of justice and due process.
ACMM strongly believes that no individual or company should be punished, penalized, or discriminated against unless found guilty by 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.
Dr. Sri Ganesh Michiel, President of ACMM, stated: “We acknowledge the importance of combating money laundering and terrorism financing. However, legitimate businesses and individuals must not be unfairly targeted or left without access to basic 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.”
ACMM urges Bank Negara Malaysia, the Ministry of Finance, and the relevant authorities to:
- Establish clear, transparent, and standardized procedures for banks to follow when closing or freezing accounts, including the obligation to provide written explanations for such actions to account holders.
- Implement an independent appeal mechanism to review cases of account closure, ensuring affected individuals or companies to have the right to be heard and to provide evidence of legitimacy.
- Ensure that all legitimate businesses, regardless of their sector classification, have fair access to banking facilities unless proven guilty of unlawful activity in a court of law.
- Introduce stronger oversight and accountability requirements for banks that take unilateral actions affecting customers’ livelihoods and reputations.
ACMM remains committed to supporting the government and regulatory bodies in upholding the integrity of the nation’s financial system. However, this must be balanced with the protection of consumers’ and businesses’ rights to fair treatment and access to essential financial services.
