In 2011 (the latest year for which there is complete data), the 50 states and the District of Columbia took in $5.8 billion and paid out $2.0 billion in unclaimed property. Noncompliance with unclaimed property rules and law risks potential assessments of liability for non-reporting or alleged late reporting of property.
This whitepaper, “Unclaimed Property Compliance Obligations and Challenges for Broker-Dealers,” seeks to inform our members and investors of the current unclaimed property regulatory landscape, including the following:
- Identifying current issues that result from the evolution in business models and practices;
- Highlighting the static nature of unclaimed property laws, and the risks that these issues pose;
- Stimulating dialogue internally about the best means of addressing these issues and modernizing/improving the regulatory and compliance landscape; and
- Providing a touchstone for an unclaimed property discussion with customers and clients.
See Also: SIFMA's Unclaimed Property Resource Center.