Unclaimed Property Compliance for Financial Institutions

This webinar will focus on the complex state unclaimed property reporting requirements and the unique challenges facing financial institutions.

Recorded Monday,
August 28th, 2023
3 Presenters
1h 30m total length
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Accounting/Reporting
  • Auditing
  • Compliance
  • Deposit
  • Deposit Accounts
  • IRAs
  • Risk Management/Legal
  • Bank Legal Counsel
  • Compliance Officer
  • Controller/Accountant
  • Credit Analyst
  • Deposit Operations Manager/Specialist
  • Internal Auditor
  • Risk Manager

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Financial institutions face the unique challenge of complying with state unclaimed property law while managing customer relationships and protecting customer assets. Escheating a customer’s account timely is critical to maintain compliance, but can also yield negative results and organizational risks if the customer is not truly lost or inactive.

This webinar will focus on complex state unclaimed property reporting requirements and the unique challenges facing banks and other financial institutions. Learn best practices to mitigate risk proactively, efficiently track customer contact, and monitor recent legislative updates that could impact your organization.

What You'll Learn

  • Overview of unclaimed property reporting requirements
  • Trends impacting financial organizations
  • Handling of unique property types, such as IRAs, CDs, and Safe Deposit Boxes
  • State dormancy periods; Exemptions and deductions
  • Owner outreach and due diligence campaigns
  • Best practices for maintaining contact with customers
  • Costly pitfalls and reporting errors to avoid

Who Should Attend

Anyone responsible for the oversight, management, and reporting of unclaimed property; such as bank operations managers, compliance officers, risk managers, and internal auditors.

Jeff Sustarsic

Instructor Bio

Jeff Sustarsic has been a member of Crowe's unclaimed property practice since 2014. His primary focus is assisting clients with annual compliance and navigating complex reporting requirements. He has also assisted clients through arduous multi-state unclaimed property audits, developing policies and procedures, as well as software management and technology implementations. Jeff has experience across a number of industries, but focuses primarily on the unique challenges for financial institutions. Jeff received his Master's in Data Science from Indiana University.

Grant Faustino

Instructor Bio

Grant Faustino has been a member of Crowe’s State and Local Tax group specializing in unclaimed property since 2021. Prior to joining Crowe, he was a statistician at an unclaimed property audit firm specializing in statistical sampling and liability estimation. Outside of unclaimed property, Grant is a member of Crowe’s Tax Specialty Consulting Transformation Team where he focuses on process improvement and technology implementation both internally for teams at Crowe and for Crowe’s Tax clients. Grant received his Master’s degree in Economics from the University of New Hampshire.

Kristen McClellan

Instructor Bio

Kristen McClellan has been a member of Crowe's State and Local Tax group since 2019. She provides consulting and compliance services related to unclaimed property. Kristen specializes in multistate unclaimed property compliance, voluntary disclosures, and audit defense. Kristen received her undergraduate degree from Indiana University in Bloomington, IN and is a licensed CPA in Illinois.