Achieving Unclaimed Property Compliance Best Practices for Banking Industry


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When unclaimed property is not correctly managed and reported, the risk of audits, fines and penalties becomes a reality. This webinar provides an overview of the law and basic tips to better manage and control this important compliance responsibility.

The normal, everyday operation of your institution results in the generation of unclaimed financial obligations, where customer accounts that are not properly tracked and checks that are not cashed or remain outstanding, may become reportable as unclaimed property.

When unclaimed property obligations are not correctly aged, managed and reported, the risk of state audits, subsequent fines and penalties become a distinct reality. Unclaimed property compliance is especially critical for financial institutions because it typically impacts their number one asset: customer relationships. There are more than 100 property types and 54 legal jurisdictions where you may have obligation to file an unclaimed property report.

Though it might initially seem overly complex and overwhelming, there are some basic steps that you can take to help your institution become more compliant with the laws. This webinar provides an overview of the law and basic tips to better manage and control this important compliance responsibility. The program is being presented at the national level and does not reflect any particular state’s law. [NOTE:  CFTEA Course includes additional state specific material as a follow up to this program]

Why Participate

This program provides an overview of unclaimed property reporting requirements, recent enforcement actions, legislative and legal updates, best practices and tips for filing reports, tracking accounts, retaining your customers/accounts and more. It will help you and your bank:

  • Avoid reputational risk
  • Avoid prematurely closing a customer’s accounts
  • Avoid fines and penalties
  • Prepare for or avoid an audit

Covered Topics:

  • History and background of the law
  • Where and how to file your reports
  • Property types applicable to the law
  • Due diligence requirements
  • Determining and tracking dormant accounts
  • Service charges and fees
  • Safe deposit box contents
  • New legislative changes and reporting deadlines
  • Recent state enforcement efforts (tracking inactivity vs. RPO)
  • How to prepare for/avoid an audit
  • Fines & penalties
  • Best practices & tips for retaining your customers/accounts
Code: T1177SP
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