Four Steps to Avoid the Risk of Unclaimed Property Noncompliance

February 21, 2014

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Revenue-strapped states will be on high alert when it comes to enforcing unclaimed property (escheatment) laws this year, and are increasing the use of aggressive audits. 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 source of income. State…

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