Statutory Reporting

Unclaimed Property

Financial Institutions and Their Responsibilities

Unclaimed Property

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Identify Unclaimed Property: Monitor accounts and financial products for inactivity, ensuring that abandoned property is identified accurately.
Notify Owners: Reach out to account holders and owners before assets are declared abandoned. This step is critical in reducing the amount of escheatable property.
File Reports on Time: Submit accurate and timely reports to each state where unclaimed property is held. Late filings can result in penalties and audits.
Escheat Property: Transfer abandoned property to the state after the dormancy period ends, adhering to state-specific laws regarding the escheatment process.
Maintain Accurate Records: Retain documentation of compliance efforts, including notifications to property owners and records of escheated assets.

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Financial Reporting Excellence

Join Us on the Journey to Financial Reporting Excellence

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