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.
- 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
- 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.
Kate Murphy is a Manager and has been a member of Crowe’s State and Local Tax group since 2016. Her primary focus is providing unclaimed property consulting and compliance services. Kate specializes in multistate unclaimed property compliance, voluntary disclosures, audit defense, risk mitigation, and exposure analyses. Kate is a licensed CPA in Illinois 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. Jeff has experience across a number of industries, but focuses his time on the financial services industry. Jeff 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. Kristen specializes in multistate unclaimed property compliance, voluntary disclosures, and audit defense. Kristen received her undergraduate degree from Indiana University in Bloomington, IN, and is a licensed CPA in Illinois.
- Live Plus Five (days) - $265
- OnDemand Recording - $295
- CD-ROM - $345
- Live Plus Six (months) - $365
- Premier Package - $395