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.
This program provides an overview of unclaimed property reporting requirements, recent enforcement actions, legislative and legal updates, best practices and tips for filing reports, tracking accounts, retaining your customers/accounts and more. It will help you and your bank:
- Avoid reputational risk
- Avoid prematurely closing a customer’s accounts
- Avoid fines and penalties
- Prepare for or avoid an audit
- 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
Barbara Rice joined Keane’s Consulting and Advisory Services team in February 2013 as the State Compliance Liaison. She brings over 20 years of unique and diverse experience as a former state unclaimed property administrator.
Prior to joining Keane, Barbara served as an unclaimed property administrator for the state of South Carolina. Prior to working for the state of South Carolina, she served as the Deputy Director of the Ohio Department of Commerce with direct responsibility for the management of the unclaimed property program. Before joining state government, she was Vice President of The Clinton Oil Company, an Ohio independent oil and gas producer, and President of Clinton affiliate, LDC securities. Previous to her employment with Clinton, she was employed by The Ohio Company, a regional investment banking firm at which she held various management positions.
Barbara was also an active member of the National Association of Unclaimed Property Administrators (NAUPA) and was a frequently featured speaker, both locally and nationally, on the topic of unclaimed property. She was awarded the NAUPA Presidential Distinguished Services Award in 2000 and 2006 and the NAUPA Lifetime Achievement Award in 2008. Barbara received the Unclaimed Property Professionals Organization’s (UPPO) Shining Star Award in 2005 and the UPPO Holder’s Choice Above and Beyond Award in 2009 and 2012.
Laurie Andrews joined the Keane Unclaimed Property Practice following over 15 years of service with the Pennsylvania Department of Treasury. Laurie brings with her an extensive unclaimed property background focused on Unclaimed Property Fraud Prevention, Claims, and Research. Laurie’s expertise includes a wide range of client needs. Throughout her career, Laurie was involved with all areas of unclaimed property and developed and provided training about fraud, customer service, and claims to her staff, other departments within the Pennsylvania Treasury, and other Unclaimed Property state programs.
Throughout her career with the Commonwealth of Pennsylvania, Laurie continued to build on her expertise in unclaimed property. As the Division Manager for Customer Service and Claims in Pennsylvania’s Unclaimed Property Department, Laurie oversaw all aspects of the fraud, research, claims, and customer service departments. Laurie also has experience working as the tangible property supervisor and as the public outreach coordinator. This experience afforded Laurie the opportunity to comprehend how unclaimed property issues affect both the holder and unclaimed property owner.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
- Live Webinar which includes 5 Day On-Demand - $265
- Six Month On-Demand – $295
- Live plus Six Month On-Demand – $365
- CD-ROM & Hardcopy Handouts(Includes 6 Month On-Demand) – $345
- Premier (Includes all options) – $395
- Additional Locations – $75
Online: Click here.
Phone: Call Total Training Solutions at (800) 831-0678
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