What does it means by “IC for bank use only”?
“IC for bank use only” in Malaysia refers to the requirement of providing one’s Identification Card (IC) information for the purpose of conducting banking transactions or opening an account.
In Malaysia, the IC is a compulsory identity document for citizens and permanent residents, which contains personal information such as full name, date of birth, and a unique identification number.
Banks in Malaysia use this information to verify the identity of their customers and comply with anti-money laundering (AML) and know-your-customer (KYC) regulations.
Why cross IC for bank use only?
In the context of MyKad in Malaysia, “cross IC for bank use only” refers to a practice where individuals need to update their identification number (IC) in the bank records after obtaining a new MyKad.
When a person gets a new MyKad, the identification number might change (either due to a replacement, error correction, or other reasons), and this new number should be updated in the individual’s bank account to maintain accurate records and ensure smooth financial transactions.
To update the bank records, the person needs to provide the old IC number and the new IC number to the bank.
As a security measure, the person is usually advised to cross the old IC number and write “for bank use only”on a photocopy of the old MyKad, to prevent any misuse of the document and ensure it is used solely for the purpose of updating the bank account information.
Is MyKad an IC?
Yes, MyKad is an Identity Card (IC) issued to Malaysian citizens.
For foreigner who may not know this, MyKad is an electronic identification card that contains a microchip, which stores an individual’s biometric data, personal information, and other relevant details.
MyKad is used for various purposes such as proof of identity, voting, and accessing government services.