The Definition of Unclaimed Property May Be Broader Than You Think

Unclaimed property regulations are very different from other business regulatory law in that there is no statute of limitations and there are lengthy record-retention requirements. Therefore, if your organization is not properly identifying unclaimed property or following the required procedures, you may be holding a ticking time bomb in terms of noncompliance. “The penalties and interest imposed by states, or states’ third-party auditors, can be significant—in some cases, two or three times…