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Unclaimed Property Due Diligence - The Case for Doing More

In most companies and financial institutions, unclaimed property compliance is treated as an ancillary operational responsibility unrelated to the “business” of the firm.   After all, as with many regulatory obligations, unclaimed property compliance is not a profit-generating activity.   That said, there is the possibility that paying prompt attention to certain unclaimed property law requirements (or, at least, unclaimed property concepts) can make good business sense and maybe even help the bottom line.  One place where increased attention can pay off is customer “due diligence.”   Unclaimed property holders are obligated to perform statutory “due diligence” before reporting and remitting property to the state.   In practice, this requirement usually means mailing the customer of unclaimed property a form letter a few weeks before turning the property over to the state.   Sure, a few states require specific language to be in the form letter, or for the letter to be sent via certif

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