Top unclaimed property reporting risks for financial institutions

For financial institutions, unclaimed property reporting comes with a side of additional compliance challenges.

Unclaimed property reporting has taken on increased significance for companies in recent years, due in part to growing interest in the topic from states in the form of increased enforcement and audits. Compliance with unclaimed property, or property held or owed in the ordinary course of business that has not been returned to or claimed by its rightful owner, is especially complicated for heavily regulated financial institutions like banks, credit unions, and broker-dealers due to varying and unclear rules across different account types and states. This lack of uniformity means the risk of noncompliance for your organization is at an all-time high.

Here is an overview of some of the most prominent challenges financial institutions face with escheatment and considerations for overcoming them.

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Top unclaimed property reporting risks for financial institutions

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