Achieving Unclaimed Property Compliance Best Practices For The Banking Industry
|Date / Time:
When unclaimed property is not correctly managed and reported, the risk of audits, fines and penalties becomes a reality. This webinar provides an overview of the law and basic tips to better manage and control this important compliance responsibility.
The normal, everyday operation of your institution results in the generation of unclaimed financial obligations, where customer accounts that are not properly tracked and checks that are not cashed or remain outstanding, may become reportable as unclaimed property.
When unclaimed property obligations are not correctly aged, managed and reported, the risk of state audits, subsequent fines and penalties become a distinct reality. Unclaimed property compliance is especially critical for financial institutions because it typically impacts their number one asset: customer relationships. There are more than 100 property types and 54 legal jurisdictions where you may have obligation to file an unclaimed property report.
Though it might initially seem overly complex and overwhelming, there are some basic steps that you can take to help your institution become more compliant with the laws. This webinar provides an overview of the law and basic tips to better manage and control this important compliance responsibility. The program is being presented at the national level and does not reflect any particular state's law.Why Participate
This program provides an overview of unclaimed property reporting requirements, recent enforcement actions, legislative and legal updates, best practices and tips for filing reports, tracking accounts, retaining your customers/accounts and more. It will help you and your bank:
- Avoid reputational risk
- Avoid prematurely closing a customer's accounts
- Avoid fines and penalties
- Prepare for or avoid an audit
Who Should Attend
- History and background of the law
- Where and how to file your reports
- Property types applicable to the law
- Due diligence requirements
- Determining and tracking dormant accounts
- Service charges and fees
- Safe deposit box contents
- New legislative changes and reporting deadlines
- Recent state enforcement efforts (tracking inactivity vs. RPO)
- How to prepare for/avoid an audit
- Fines & penalties
- Best practices & tips for retaining your customers/accounts
Anyone charged with the oversight, management and reporting responsibilities associated with unclaimed property compliance; including operations officers, risk management, compliance and internal auditors
Barbara Rice joined Keane's Consulting and Advisory Services team in February 2013 as the State Compliance Liaison. She brings over 20 years of unique and diverse experience as a former state unclaimed property administrator.
Prior to joining Keane, Barbara served as an unclaimed property administrator for the state of South Carolina. Prior to working for the state of South Carolina, she served as the Deputy Director of the Ohio Department of Commerce with direct responsibility for the management of the unclaimed property program. Before joining state government, she was Vice President of The Clinton Oil Company, an Ohio independent oil and gas producer, and President of Clinton affiliate, LDC securities. Previous to her employment with Clinton, she was employed by The Ohio Company, a regional investment banking firm at which she held various management positions.
Barbara was also an active member of the National Association of Unclaimed Property Administrators (NAUPA) and was a frequently featured speaker, both locally and nationally, on the topic of unclaimed property. She was awarded the NAUPA Presidential Distinguished Services Award in 2000 and 2006 and the NAUPA Lifetime Achievement Award in 2008. Barbara received the Unclaimed Property Professionals Organization's (UPPO) Shining Star Award in 2005 and the UPPO Holder's Choice Above and Beyond Award in 2009 and 2012.
Photo of Laurie AndrewsLaurie Andrews joined the Keane Unclaimed Property Practice following over 15 years of service with the Pennsylvania Department of Treasury. Laurie brings with her an extensive unclaimed property background focused on Unclaimed Property Fraud Prevention, Claims, and Research. Laurie's expertise includes a wide range of client needs. Throughout her career, Laurie was involved with all areas of unclaimed property and developed and provided training about fraud, customer service, and claims to her staff, other departments within the Pennsylvania Treasury, and other Unclaimed Property state programs.
Throughout her career with the Commonwealth of Pennsylvania, Laurie continued to build on her expertise in unclaimed property. As the Division Manager for Customer Service and Claims in Pennsylvania's Unclaimed Property Department, Laurie oversaw all aspects of the fraud, research, claims, and customer service departments. Laurie also has experience working as the tangible property supervisor and as the public outreach coordinator. This experience afforded Laurie the opportunity to comprehend how unclaimed property issues affect both the holder and unclaimed property owner.
Cannot Attend The Live Presentation?
This presentation is also available in a recorded format, in On-Demand Or CD versions, as shown in the pricing options below.
|About Webcasts / Audio Conferences / Podcasts:|
Webcasts, audio conferences, and podcasts are presentations that you
attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.
versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without
any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back
at work immediately after the session ends!
And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous
times and to share it with others in your office.
Handout materials and the phone number for live presentations are made available to you prior to the event via email from the
presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.
|Licenses / Designations / Educational Credits:||CEU|
All US States: 2.5
All Canadian Provinces: 2.5
|About The Provider:
||Since 1983 Total Training Solutions has produced dozens of videotapes, CD-Roms, DVD's and web-based training modules. In addition to off-the-shelf products, Total Training Solutions also develops custom training products and consults with financial institutions to develop their own training curriculum.
For timely delivery of training topics, webinars or web conferencing is an unbeatable option. We now offer over 100 live programs per year and you can even purchase the recorded or ondemand session if you are unable to attend the live program.
We have worked exclusively with the financial industry since our founding. Because of this, we understand the needs of training departments in financial institutions and are alert to changes which affect the industry.
Attend the live session with the opportunity to ask questions to the presenter. You also receive a link to the handouts. All registrations for a live event will be given access to the OnDemand recording, at no additional cost, for seven days following the event. This will allow a flexible alternative when last minute conflicts intrude on scheduled events.
CD-Rom includes audio and video of recorded webinar plus hard copy handouts. You will also receive 6 months access to the OnDemand weblink as an added free bonus.
Includes a weblink for unlimited viewing for 6 months after the date of the webinar as well as a link to handouts.
Live + Recorded:
Includes all three options above. Live session, OnDemand Weblink, and CD-Rom plus Hardcopy Handouts.
Live + OnDemand:
Includes two of the options above. Live session and 6 months access to OnDemand Weblink plus link to handouts.
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