KeepUP™ Blog

8/15/18 10:11 AM

Unclaimed Property - Q2 2018 Round-Up

by Valerie Heeney

Q2 2018 UP Round UPUnclaimed property holders know the importance of staying up to date on legislative changes, keeping apprised of issues that could impact their compliance process and learning tips that can help them improve and maintain a successful escheat program. Every month we strive to deliver information that can help holders achieve their goals. In case you missed them, here is a rundown of articles we posted in Q2 2018.

  • Corporate Asset Recovery – Tax Refunds. Government agencies of all sizes, from municipalities to even the federal level, are holding significant refunds owed to companies. Learn why these funds may be available and how to recover them.
  • Financial Services: Unclaimed Property Compliance Beyond Securities. There are additional unique challenges facing the financial services industry beyond securities. The impact of unclaimed property issues on the financial services industry difficult to assess. Get started by answering two basic questions: how well do you know your organization, and how well do you know your clients?
  • Modern Communication in Unclaimed Property Due Diligence. Guidelines for both contact and due diligence were primarily created before modern communication formats like email and online accounts became prevalent, making it somewhat difficult to discern whether an owner has met the statutory requirements for indicating an interest in the property.  Learn how these definitions are beginning to evolve.
  • Managing Unclaimed Property for Common Retail Bank Accounts. Checking Accounts, Savings Accounts, and Certificates of Deposits (CD’s), are a few common property types that have shared unclaimed property headaches. Learn about some of the policies and procedures holders should consider.
  • Legalization of Sports Betting Impact on Unclaimed Property. Earlier this year the Supreme Court legalized sports betting, overturning a 1992 federal law which barred most states from permitting sports gambling. Learn how this ruling may impact holders involved with online sports betting.
  • The Ins & Outs of Electronic Due Diligence with Customers. Typically, due diligence is conducted by U.S. mail. However, in this digital age, that may not be the preferred method of communication between businesses and their customers. Customers often prefer to be contacted electronically. Review some of the challenges and best practices that you should be aware of.
  • Unclaimed Property Exposure – What Is Your Risk? It is essential that holders identify potential unclaimed property risks and liabilities to avoid damage to finances, resources and reputations. If you’re not sure when the last review was performed, or if you know it’s been more than a year or two, carving out time to complete an exposure assessment could be essential to the good health of your compliance program.
  • Unclaimed Property: The essentials of an Effective Compliance Function. Learn about some of the key areas a holder can concentrate on to ensure the organization maintains unclaimed property compliance.

MarketSphere Unclaimed Property Specialists will continue to deliver articles that support and educate the holder community.

We live and breathe unclaimed property and derive great satisfaction from serving as partners and advocates, with a laser focus on your bottom line and technology tools to minimize time, costs and disruptions, while minimizing risk appropriately. 

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Topics: Compliance, Due Diligence, Best Practices, Corporate Asset Recovery