The former Kota Bharu MP said he had faced trouble at banks while exchanging money and opening accounts, and that his son’s law firm had been called to explain its relationship with him before it could be included on a bank’s panel.

“My son told them Zaid Ibrahim was his father, and although he is a PEP, why should it affect the son? It sure does,” Zaid said in a posting on X.

“I now appeal to the learned BNM governor to delete my name as a PEP. It does not make sense. It has caused unnecessary hardship to me and my family.

“I hold no political ambition or even a position in a political party. My constant blogging is for my therapy, and that alone should not make me a PEP.

“I live like most retired people, on some savings and nothing else. There is no need to aggravate my life by putting me as a PEP… Common sense should always guide us in exercising our authority.”

BNM defines a PEP as someone who is or has been entrusted with a prominent public function.

Zaid was the Kota Bharu MP from 2004 to 2008. He was appointed as law minister in March 2008 but resigned in September of that year over the use of the Internal Security Act, which allows for detention without trial.

Last April, then deputy finance minister Steven Sim told the Dewan Negara that BNM would continue to hold discussions with banking institutions to improve internal processes and procedures related to PEP.

In a Bernama report, he said the policy – which is aimed at obtaining comprehensive information and understanding of customers to further safeguard the country’s financial sector from the risk of financial crime – was based on international standards.

Sim said the country would be exposed to the risk of unsatisfactory ratings if financial institutions did not continue to implement such enhanced due diligence measures, adding that a negative assessment of the country would have a serious impact on the Malaysian banking system.

“For example, Malaysians and companies established in the country will be subjected to a stricter level of scrutiny and monitoring when dealing with foreign parties, making it difficult to open accounts and conduct cross-border financial transactions,” he said.