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.
Topics Will Include:
- 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.
Instructor
Maggie Young, Michael Unger, and Zach Robbins
Maggie Young is a Senior Manager in Crowe’s State and Local Tax practice and has nine years of experience in state taxation. Her primary focus is unclaimed property consulting and compliance. She has extensive experience with state controversy resolution in the field of unclaimed property, income tax, and sales tax.
Maggie specializes in multistate unclaimed property compliance, voluntary disclosures, audit defense, risk mitigation, and exposure analysis. She assists clients in the retail, manufacturing, and financial services industries. Prior to joining Crowe, she was a tax auditor for the State of Michigan. Maggie is a licensed CPA in Illinois and certified by the Unclaimed Property Professionals Organization.
Michael Unger is a Senior Manager in Crowe’s Unclaimed Property practice. He has assisted complex, multinational companies with a variety of unclaimed property matters. Michael specializes in annual compliance, exemption analysis and liability reduction, state voluntary disclosures, and audit defense representation.
Michael is a lead for Crowe’s unclaimed property controversy services, having navigated numerous multi-jurisdictional unclaimed property settlements and advocating for more favorable outcomes for his clients. He also has a history of success in challenging questionable state audit techniques. Michael has a decade of unclaimed property experience and advises clients in several industries.
He serves as the unclaimed property leader for Crowe’s financials sector and has heavy involvement in the controversy service line for healthcare, retail, and technology. Michael is certified by the Unclaimed Property Professionals Organization and has his MBA from the University of Missouri.
Zach Robbins has been a member of Crowe’s State and Local Tax practice since August 2015. He provides consulting and compliance services related to unclaimed property, credits and incentives, and sales and use tax. Zach has 5 years of unclaimed property experience and focuses his time on assisting clients with multistate compliance, voluntary disclosures, audit defense and risk mitigation.
Zach received his undergraduate degree from The George Washington University in Washington, D.C. and his juris doctor from Suffolk University Law School in Boston. He is a member of the Illinois bar and certified by the Unclaimed Property Professionals Organization.