Achieving Unclaimed Property Compliance
Best Practices for the Banking Industry
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.
- 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
Anyone charged with the oversight, management and reporting responsibilities associated with unclaimed property compliance; including operations officers, risk management, compliance and internal auditors.
Maureen Ferrari brings more than 18 years of experience in unclaimed property to Keane where she now serves as Vice President of Operations. Her expertise in unclaimed property encompasses compliance and education, claims processing, customer service and call center operations, newspaper advertising, and media relations.
Barbara Rice, State Bank Compliance Liaison, Keane, is committed to ensuring compliance and supporting clients with all of the state unclaimed property laws. She brings over 20 years of unclaimed property experience. Barbara is a former State Unclaimed Property Administrator and served in leadership roles with the National Association of Unclaimed Property Administrators (NAUPA). She is a recipient of multiple awards, including NAUPA’s Lifetime Achievement Award, for her active involvement and support of unclaimed property matters.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 hours CRCM/CCSR/CPB
Member price: $265.00 | Non member price $530.00
Member price: $280.00 | Non member price $560.00
Online: Visit the CBA Webinar Catalog
Mail: Click here and mail completed form with check payable to ConferenceEdge to: (Mail at least 10 days prior to event)
1516 Xavier St., Ste 500, Denver, CO 80204
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