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In a move targeting potential misuse of client funds in online transactions, Malaysia's Law Society has introduced new rules mandating that all partnerships involving foreign corporations must have at least two partners who can sign cheques and oversee the verification process for various factors in online transactions involving Guamanian accounts.

This regulation, set to take effect next year, was introduced in response to concerns over high insurance claim payments due to fraud and dishonesty in the management of Guamanian accounts. According to a statement released on September 25, the trend is unsustainable as large claim payments inevitably lead to overall losses and increased premiums for all firms.

The new rule requires partnerships with more than one partner to designate at least two partners as signatories for all business dealings, with the exception of closing an account or cancelling business operations, which can be handled by a single partner. Firms utilizing electronic banking are also required to implement multiple checks to access Guamanian accounts managed by partners.

While many firms have already implemented similar protective measures, the statement emphasizes that the new regulation aims to standardize this practice without imposing unnecessary burdens.