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Initial Compliance Services

Reduce the risk of excessive assessments and liabilities due to non-reporting

Initial_Compliance

For years after the Uniform Law Commission (ULC) established unclaimed property regulations for states to follow, some state administrators were not able to dedicate resources to enforce the laws. As a consequence, many holder organizations became lax in reporting. Some companies still are holding years of unclaimed property that should have been reported or routinely have been writing it off. If an audit is conducted and the facts indicate noncompliance, auditors are allowed by law to assess large escheatment amounts, penalties and interest that can amount to many times the original value of the property.

MarketSphere assists non-reporting or under-reporting holders to cost-effectively and efficiently come up to date with the least possible liability. 

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    Exposure Assessment

    We review your financial processes, data and reporting history to assess the company’s potential exposure under audit, then identify available ways to come into initial compliance with the least possible risk and cost.

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    Risk Mitigation

    Based on uncovered areas of exposure, we work with you to execute the best risk mitigation strategy. Strategies often include making arrangements with one or more states to execute Voluntary Disclosure Agreements (VDAs).

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    First-Time Filing

    We determine amounts owed all states, find legal exemptions, complete due diligence, then report and remit amounts due.  We help you establish efficient annual policies and procedures to help ensure compliance in years to come.


We Can Help You:

  • Reveal gaps in reporting and quantify potential damages
  • Use our unique proprietary technology to thoroughly and systematically analyze your records and formulate appropriate risk mitigation measures
  • Conduct mitigation functions to reduce the company’s exposure to audit and potentially minimize the size of assessments
  • Identify unclaimed property you might have missed in all divisions and business units of your organization
  • Uncover legal exemptions, remove property from dormant liability accounts and reissue payments
  • Design compliant due diligence policies and processes, then manage any and all due diligence tasks, so your staff can focus on more important things

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Armored Unclaimed Property Audit E-Book
How to protect your organization from the risks & liabilities of abandoned & unclaimed property audits

Are you overcomplying? Undercomplying?

Are you reporting and escheating too many dollars? Or are you reporting too little and risking huge penalties? Take two minutes to take the JustRight Compliance® quiz to find out!

Just Right Compliance

MarketSphere clearly has a high-level of expertise in Unclaimed Property issues. You dealt directly with our various third-party agents and helped us reduce unnecessary involvement from our employees.

Deputy Group Company Secretary, Global Communications Leader