Initial Compliance Services

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

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.