In recent months, the banking industry has seen a sudden surge in unclaimed property audits conducted by a variety of third-party contract auditors, including some new to the unclaimed property industry. What was once thought to be a regional focus of enforcement has expanded across the country – and banks of all sizes should be prepared.
If you have already received an examination notice, or fear one may be on its way, we invite you to view this informative webinar brought to you by representatives from Keane and Alston & Bird LLP. This free 60-minute presentation is designed to help banking professionals understand the background behind this rise in enforcement, and what banks can do to prepare and protect themselves.
Speaking on behalf of Keane’s National Consulting and Advisory Services Group are Valerie Jundt and Ann Fulmer, and Kendall Houghton, Esq. of Alston & Bird LLP.
Unclaimed Property Audits in the Banking Industry
Specific topics addressed include:
- An overview of the contract auditors
- What are the auditors looking for?
- You received an unclaimed property audit notice – what do I do now?
- Best practices for conducting a self-audit or risk assessment
- Proactive measures for remediation and mitigation
In addition to the increasingly difficult enforcement environment, banks are also facing reduced dormancy periods and the need to maintain and track customer generated activity. Banking properties, such as checking and savings accounts, certificates of deposit, and safe deposit boxes, are some of the most frequently escheated property types.
For the year 2013-2014, $771 million in owner assets were escheated to the state of New York. Of that amount, nearly 40 percent or $300 million was derived from banks or financial institutions. If you extrapolate those numbers across all reporting jurisdictions, it’s easy to see how crucial of an issue this is for banks.
Download Keane’s Webinar replay now to dive deeper into this audit environment and learn what your organization should do to position itself for success. For questions on the event, or for assistance in viewing – please email Keane at [email protected]