Regulatory Alerts2022-05-27
Banking Abandoned Property Regulations
The Minister, acting on the Central Bank’s recommendation, issued these Regulations to standardize the identification, transfer, and management of abandoned banking property under the Banking Act 2015. Licensed financial institutions are required to electronically report holdings, publish dual public notices, transfer custody of funds and safe deposit box contents to the Central Bank, and deduct reasonable administrative expenses. The framework establishes standardized claim procedures, notarized verification processes, and a 15-year retention period, while directing auction proceeds into the Abandoned Property Fund for eventual distribution to rightful owners.
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