The objective of the unclaimed property due diligence letter is to provide proper notice to the apparent owner of abandoned or unclaimed property in an attempt to resolve the item. This post will analyze the key elements of an effective due diligence mailing to both ensure compliance with state escheat laws and to maximize the return of property to owners.
Unclaimed Property Reporting (156 articles)
With 55 domestic reporting jurisdictions – and little uniformity from one to the next – it can be a daunting task for companies to handle their unclaimed property reporting. For example, some jurisdictions require reports in the fall – others want them in the spring. Dormancy periods vary by property type and which jurisdiction you’re reporting to. Furthermore, unclaimed property laws are constantly changing. On this page you’ll find best practices for correctly reporting unclaimed property.
Unclaimed property compliance for broker dealers and the financial services community can often be an overlooked area of compliance. In addition to Federal regulations such as SEC Rule 17Ad-17, maintaining compliance with 55 unique sets of escheat law is critical to protecting investor accounts and valuable client relationships. In this post, we have outlined 8 pressing unclaimed property concerns facing the brokerage industry.
We’re about six months away from the fall unclaimed property filing deadlines, but we’re already looking ahead and making our preparations. This unclaimed property reporting calendar will serve as a guide as we approach the October and November deadlines for the fall season.
Washington State recently announced that unclaimed property holders will have an opportunity to avoid penalties and interest for any past-due property through their waiver program. Qualified holders can forego penalties for prior unreported periods as long as they report and remit payment for outstanding unclaimed property before November 1, 2017.