Achieving Unclaimed Property Compliance Best Practices for the Banking Industry

Course Number: Webinar

Course Code: n/a

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

covered topics:

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

Sign Up!

-Live Plus Five (days) – $265

-OnDemand Recording Only – $295

-CD-ROM and Hardcopy Handouts – $345

-Live Plus Six (months) – $365

-Premier Package – $395

Additional Locations:

Want your branches to participate? Facilities within your organization will be able to participate without the travel costs of coming to one location.
Each additional location adds $75.00 to your registration

Audience: Anyone charged with the oversight, management and reporting responsibilities associated with unclaimed property compliance; including operations officers, risk management, compliance and internal auditors

Prerequisites: n/a

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Member Price: $265.00
Non-Member Price: $265.00
Textbook Charge: $0.00

Credits: 2.5CE

Length: 2 Hours

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