Labuan Financial Services and Securities Act 2010 · Updated to 15 Oct 2022 · Part VI · Labuan Banking
100. Payment from a deceased person’s account
Feedback & supportNotwithstanding anything in any written law or rule of law, a bank licensee may, without the production of letters of probate or letters of administration, pay any sum not exceeding the equivalent of five thousand ringgit standing to the credit of a deceased person to any person who produces satisfactory proof of—
bank licensee
“bank licensee” means a Labuan bank or a Labuan investment bank licensed under Part VI;
the death of such deceased person; and
his entitlement under the law to the sum standing to the credit of such deceased person.
A bank licensee shall not make any payment under subsection (1) if it has received other claims to any money standing to the credit of the deceased person.
person
“person” includes a corporation, partnership, a body of persons, corporate or unincorporated and a corporation sole;
A bank licensee or its directors or officers shall not be liable in respect of any claim by any person in connection with any payment made in accordance with this section but such person may recover any sum lawfully due to him from the person to whom such payment has been made.