Banks in Malaysia getting sticky about paperwork

Kuala Lumpur

BANKS in Malaysia appear to have stepped up the paperwork in relation to demand drafts and telegraphic transfers (TTs), especially those denominated in foreign currencies, amid increasing surveillance by the regulatory authorities.

The more stringent requirements coincide with the unravelling of the transactions of the government-owned 1MDB, which continues to be the focus of investigations in a number of countries, including Singapore, the US and Switzerland.

Bank customers have been surprised - and in some cases, inconvenienced - by the extra paperwork entailed, even for relatively small sums.

Some banks insist that the supporting documents are needed even tho…