Insights · Malaysia Banking
Opening a Corporate Bank Account in Malaysia in 2026: Documents, Timelines and KYC
To open a corporate bank account in Malaysia, a Sdn Bhd gives the bank its SSM registration documents and company profile, its constitution if it has one, a board resolution naming the signatories, identity documents for directors and signatories, and details of its beneficial owners, at minimum anyone with more than 25% of the equity. Bank Negara Malaysia has allowed banks to onboard companies remotely through e-KYC since 15 April 2024, but each bank decides who qualifies. No rule sets a deadline.
For founders, directors and finance leads of new and foreign-owned Sdn Bhds. This guide covers what Bank Negara Malaysia requires banks to check, the documents to prepare, when directors must attend, how foreign ownership changes the review, and why applications stall.
| Item | Position at 2 October 2026 |
|---|---|
| Regulator | Bank Negara Malaysia (BNM); banks apply its AML/CFT/CPF and TFS policy document of 5 February 2024 |
| Company documents | SSM registration documents and company profile, constitution (if adopted), board resolution or letter of authority naming signatories |
| Company details verified | Name, legal form, proof of existence, a unique identifier such as the tax number, powers that bind it, senior management, registered office and principal place of business |
| Beneficial owners | At minimum, directors or shareholders with more than 25% of the equity; SSM’s own register uses 20% |
| People | Identity documents for directors, authorised signatories and beneficial owners |
| Remote onboarding | Allowed for companies under BNM’s e-KYC policy document of 15 April 2024; each bank sets its own limits |
| Higher-risk features | Non-resident parties, layered or overseas ownership, higher-risk countries, politically exposed persons |
| Timing | No regulatory deadline; a couple of weeks for a straightforward file, longer for complex ones |
What Bank Negara Malaysia requires banks to check
Each bank decides whether to take on a customer, but it must carry out customer due diligence under Bank Negara Malaysia’s policy document on anti-money laundering, countering financing of terrorism and proliferation financing, and targeted financial sanctions (AML/CFT/CPF and TFS), issued on 5 February 2024. For a company, the bank must understand the nature of the business, its ownership and control structure, and the purpose of the account. It verifies the company’s name, legal form and proof of existence, a unique identifier such as its tax identification number, the powers that bind it, its senior management, and its registered office and principal place of business.
The bank must also verify whoever is authorised to act for the company, through a letter of authority or directors’ resolution, and take reasonable measures to verify the beneficial owners. BNM sets three steps: first the individuals with a controlling ownership interest, at minimum directors or shareholders with more than 25% of the equity; then anyone controlling the company by other means; and, if no one is found, the senior manager. SSM’s beneficial ownership register, required since 1 April 2024, uses a lower 20% threshold, so give the bank the same chart you keep for SSM.
Documents a Sdn Bhd should prepare
Checklists differ, but the company pack is predictable: certified copies of the SSM registration documents (the notice of registration, or the certificate of incorporation SSM issues on request), a current SSM company profile or the statutory forms showing directors, shareholders, share allotments and the registered office, and the constitution if one has been adopted, which is optional for a company limited by shares. The board resolution should approve the account, name the authorised signatories and set the signing rules. BNM’s policy document allows banks to accept certified true copies or notarised copies as proof of existence.
The people pack is identity documents for every director, authorised signatory and beneficial owner. Where a shareholder is itself a company, the bank must look through it to the individuals behind it, so prepare its incorporation documents, its shareholder and director details and a signed ownership chart, all certified. Then comes the business case: what the company does, where its customers and suppliers are, expected volumes and currencies, and evidence such as contracts, invoices or a business plan. Confirm the company’s tax identification number on MyTax beforehand.
Remote onboarding, attendance and foreign-owned companies
Directors do not always have to attend. BNM’s e-KYC policy document, revised on 15 April 2024, extended electronic onboarding from individuals to companies. A bank may onboard a company remotely if it establishes that the business exists, verifies the authorised person through individual e-KYC and takes reasonable measures on beneficial owners. The directors’ decision to appoint that person can be captured electronically, for example by a digital directors’ resolution, video conference or digital signatures, if the method fits the constitution. To test legitimacy, BNM suggests video calls in which the bank asks to see a signboard or stock, location checks against the registered or business address, or checks against official databases.
Each bank must define which companies it will not onboard through e-KYC, so the answer varies by bank. Foreign ownership is not a bar: most Sdn Bhds can be wholly foreign-owned, though each needs at least one director who ordinarily resides in Malaysia. But BNM lists non-resident customers, legal person structures, the location of the business and non-face-to-face relationships among the risk factors banks weigh. Expect enhanced due diligence: more questions on the owners and the intended relationship, certified documents for each overseas layer, and evidence of source of funds and wealth. Some banks still prefer a signatory to attend a branch, so ask before applying.
No BNM rule sets a deadline for opening an account. Practitioner guidance suggests a couple of weeks for a complete, straightforward application; non-resident parties, overseas corporate shareholders and higher-risk sectors take longer. Much of the time goes on follow-up questions after submission, so fast, consistent answers matter as much as the initial pack.
Why applications stall: a checklist
- No clear purpose. Explain what the company does, who it trades with and why it needs a Malaysian account.
- Ownership the bank cannot follow. Provide a signed chart down to the individuals that matches the SSM beneficial ownership register.
- Inconsistent records. The application, SSM profile, constitution, board resolution and website should tell the same story.
- Source of funds or wealth that cannot be evidenced, or does not fit the owners’ profiles.
- An address the bank cannot verify. Banks may check that the business location matches the registered or business address.
- Unexplained links to higher-risk countries, sanctioned parties or politically exposed persons.
- Expired, uncertified or incomplete documents, which restart the review.
- Slow or partial answers to follow-up questions. Name one person who can respond with authority.
Frequently asked questions
Can a foreign director open a Malaysian company bank account without travelling to Malaysia?
Sometimes. Since 15 April 2024, Bank Negara Malaysia’s e-KYC policy document has allowed banks to onboard companies remotely, verifying the authorised person through e-KYC and capturing the directors’ approval electronically. Each bank decides which companies it will not onboard this way, and non-resident parties raise the risk rating, so some banks still ask a signatory to attend a branch. Ask each bank about its process before you apply.
What documents do Malaysian banks need to open a Sdn Bhd account?
Usually certified SSM registration documents and a current company profile, the constitution if one has been adopted, and a board resolution naming the signatories. Banks also need identity documents for directors, signatories and beneficial owners, an ownership chart down to individuals, and a description of the business with supporting evidence. Under Bank Negara Malaysia’s rules, banks must identify at minimum anyone holding more than 25% of the equity.
How long does it take to open a corporate bank account in Malaysia?
There is no regulatory deadline. Practitioner guidance suggests a couple of weeks for a straightforward application with complete documents, and longer where shareholders or directors are non-resident, ownership runs through overseas companies or the bank applies enhanced due diligence. Most delay comes after submission, from follow-up questions on ownership, business activity and source of funds, so quick and consistent answers shorten the process.
Is the beneficial ownership threshold for banks the same as SSM’s?
No. Bank Negara Malaysia’s policy document requires banks, at a minimum, to identify directors or shareholders with more than 25% of the equity, then anyone with control by other means. SSM’s beneficial ownership register under the Companies Act 2016, in force since 1 April 2024, captures holdings of 20% or more. Prepare one ownership chart that satisfies both, so the bank sees the same people SSM does.
Sources
Figures in this article were checked against these sources on 2 October 2026. Rates, fees and deadlines change, so confirm the current position with the authority before acting.
- Bank Negara Malaysia, Policy document on AML/CFT/CPF and TFS for financial institutions
- Bank Negara Malaysia, Electronic Know-Your-Customer (e-KYC) policy document
- Bank Negara Malaysia, Frequently asked questions on the e-KYC policy document
- Companies Commission of Malaysia (SSM), Guideline for the Reporting Framework for Beneficial Ownership
- Companies Commission of Malaysia (SSM), Guidelines for incorporation of a local company
- Bank Negara Malaysia, Policy documents for banking and Islamic banking