Establishing an effective unclaimed property reporting division within your firm is really a no-brainer. With all the States stepping up their enforcement through their educational efforts, audits and increased fines and interest penalties for non-compliance, a holder/company can no longer plead ignorance and get away with it. The state(s) are going to want to see some type of compliance effort and reporting on the holder’s part to ensure its correct. With this in mind, it doesn’t take much to develop an effective unclaimed property compliance group within your organization. A few of the benefits of this department are:
- Ensures compliance with all state reporting requirements and the state laws.
- Monitors individual state law/compliance changes and updates reporting requirements to ensure reports submitted are compliant and on-time.
- Maintains relationships with the account owner.
- Reduces the overall state exposure for unclaimed property liability.
- Reunites lost funds with rightful owner.
- May lead to repeat business. A reunited owner may do more business with you.
- Unclaimed property compliance efforts are centralized, in one location.
- Reduces the risk related to non-compliance.
- Audits
- Penalties & Interest