Five Steps to Avoid the Risk of Unclaimed Property Noncompliance

Revenue-strapped states remain on high alert when it comes to enforcing unclaimed property escheatment laws, and will likely experience aggressive audits to compensate for continuing revenue shortfalls. It is imperative that AP managers be up to date on any state developments in unclaimed property regulations and develop adequate control procedures to meet the compliance challenge. Escheatment is governed by the 1995 Uniform Unclaimed Property Act, which, for many states has become a lucrative…