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Supreme Court Expert’s Decision on MoneyGram Unclaimed Checks: The Ops Effect

June 14, 2021 By Chris Kentouris Leave a Comment

Unclaimed property operations and compliance managers at banks and broker-dealers are quickly reviewing their procedures for “lost accounts” in a wake of a recent recommendation by a legal expert appointed by the US Supreme Court that Delaware must return millions of dollars worth of uncashed “official checks” issued by MoneyGram to over 20 other states. […]

Filed Under: Rules, Rules, Unclaimed Tagged With: Compliance, Escheatment, Investors, Reporting

JP Morgan Whistleblower Case Tests Unclaimed Property Compliance

February 9, 2020 By Chris Kentouris Leave a Comment

How hard is it to calculate past interest due? Unclaimed property operations and compliance managers at US financial firms will soon find out that the task is more difficult than they thought should JP Morgan Chase lose its appeal of a New York civil court judge’s ruling about the bank’s required interest payment on unclaimed […]

Filed Under: Compliance, Rules, Unclaimed Tagged With: Compliance, Escheatment, Investors, Reporting

Unclaimed Cryptocurrencies: New Legal, Ops Headaches?

November 18, 2019 By Chris Kentouris Leave a Comment

States might soon make a real claim on unclaimed virtual currency accounts, forcing digital asset custodians and exchanges to address murky statutes and potential legal liability. “States have a good nose to smell just which industry isn’t compliant with their escheat laws and could target the cryptocurrency market,” cautions Robert Peters, managing director and head […]

Filed Under: Compliance, Investors, Rules, Unclaimed Tagged With: Compliance, Escheatment, Regulators, Reporting, Unclaimed

Unclaimed Assets: Delaware Lawsuit Resurrects Ops Headaches

January 24, 2019 By Chris Kentouris Leave a Comment

Unclaimed property operations managers at US financial firms need to stay proactive when it comes ensuring correct administrative and reporting procedures, warn compliance experts. The costly alternative: whopping state fines. A recent lawsuit filed by Illinois-based chemical supplier Univar against the state of Delaware provides ample evidence that Delaware is being even more vigilant in […]

Filed Under: Compliance, Rules, Unclaimed Tagged With: Compliance, Escheatment, Reporting

IRS Creates Legal,Ops Headaches for Escheated IRAs

October 4, 2018 By Chris Kentouris Leave a Comment

(Editor’s Update on November 29, 2018): Tax operations, compliance and technology managers at US financial firms now have until January 1, 2020 to implement the Internal Revenue Service’s rule to withhold taxes on unclaimed individual retirement accounts. The IRS’ one-year extension is far less than the 18 months requested by the securities industry but provides […]

Filed Under: Compliance, Rules, Unclaimed Tagged With: Compliance, Escheatment, Reporting, Tax

Unclaimed Checks: Delaware on the Hunt Again?

March 30, 2018 By Chris Kentouris Leave a Comment

Operations and compliance managers at US banks had better be prepared to defend their escheatment policies for uncashed checks and money orders to Delaware. The state could use the data it uncovers during the discovery period of a Supreme Court case involving MoneyGram’s uncashed “official checks” to dig deeper into the unclaimed property records of […]

Filed Under: Compliance, Rules, Slider, Unclaimed Tagged With: Compliance, Escheatment, Reporting

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