Unclaimed Property Compliance for Financial Institutions
Financial institutions face the unique challenge of complying with state unclaimed property law while managing customer relationships and protecting customer assets. Escheating a customer’s account timely is critical to maintain compliance, but can also yield negative results and organizational risks if the customer is not truly lost or inactive.
This webinar will focus on complex state unclaimed property reporting requirements and the unique challenges facing banks and other financial institutions. Learn best practices to mitigate risk proactively, efficiently track customer contact, and monitor recent legislative updates that could impact your organization.
What You’ll Learn
- Overview of unclaimed property reporting requirements;
- Trends impacting financial organizations;
- Handling of unique property types, such as IRAs, CDs, and Safe Deposit Boxes;
- State dormancy periods;
- Exemptions and deductions;
- Owner outreach and due diligence campaigns;
- Best practices for maintaining contact with customers; and
- Costly pitfalls and reporting errors to avoid.
Who Should Attend
Anyone responsible for the oversight, management, and reporting of unclaimed property; such as bank operations managers, compliance officers, risk managers, and internal auditors.
Zach Robbins has been a member of Crowe’s State and Local Tax practice since August 2015. He provides consulting and compliance services related to unclaimed property, credits and incentives, and sales and use tax. Robbins has 5 years of unclaimed property experience and focuses his time on assisting clients with multistate compliance, voluntary disclosures, audit defense and risk mitigation. Robbins received his undergraduate degree from The George Washington University in Washington, D.C. and his juris doctor from Suffolk University Law School in Boston. He is a member of the Illinois bar and certified by the Unclaimed Property Professionals Organization.
Jeff Sustarsic is a manager and has been a member of Crowe’s unclaimed property practice since 2014. His primary focus is assisting holders of unclaimed property with annual compliance and navigating complex reporting requirements. He also helps clients navigate multi-state unclaimed property audits. Sustarsic has experience across a number of industries, but focuses his time on the financial services industry. Sustarsic received his master’s in data science from Indiana University.
Kristen McClellan has been a member of Crowe’s State and Local Tax group since 2019. She provides consulting and compliance services related to unclaimed property. McClellan specializes in multistate unclaimed property compliance, voluntary disclosures, and audit defense. McClellan received her undergraduate degree from Indiana University in Bloomington, IN and is a licensed CPA in Illinois.
Live Access, 30 Days OnDemand Playback, Presenter Materials and Handouts $279
- Available Upgrades:
- 12 Months OnDemand Playback + $110
- 12 Months OnDemand Playback + CD + $140
- Additional Live Access + $75 per person