The Banking (Budget Amendment) Bill 2025 proposes licensed financial institutions to only publish a detailed list of unclaimed monies on their official websites.
The Bill was presented to Parliament yesterday as part of the 2025-2026 budget debate.
This amendment aims to streamline the handling of unclaimed monies, addressing long-standing inefficiencies in public notification processes.
The Banking (Budget Amendment) Bill 2025, slated for implementation on 30 September 2025 if passed by Parliament, introduces practical changes to how licensed financial institutions manage unclaimed funds.
Under Clause 2 of the Bill, section 67 of the Banking Act 1995 will be amended to mandate that licensed financial institutions publish a detailed list of unclaimed monies on their official websites.
Additionally, institutions must issue a notice in the Gazette and a daily local newspaper, guiding the public on how to access this online statement.
The amendment also sets clear guidelines for the duration that the unclaimed monies statement must remain accessible online.
Financial institutions will need prior approval from the Reserve Bank of Fiji to remove such statements from their websites.
