Regulatory Alerts2022-09-30
Decision No. CM/10/09/2022 on Inactive Accounts and Unclaimed Assets in the Books of Securities Account Keepers on the UMOA Regional Financial Market
The UMOA Council of Ministers issued Decision No. CM/10/09/2022 to establish comprehensive rules for identifying, monitoring, and treating inactive accounts and unclaimed assets held by securities account keepers on the regional financial market. The Decision mandates proactive client due diligence, standardized notification procedures, and a strict two-year search period before assets are transferred to national Deposit and Trust Funds. Upon deposit, these funds must transparently manage the assets, conduct periodic searches, and ultimately distribute prescribed unclaimed holdings—70% to national funds and 30% to a regional investors' protection fund—after thirty years of inactivity.
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