Banking Abandoned Property Regulations

BANKING (ABANDONED PROPERTY) REGULATIONS, 20[ ] ARRANGEMENT OF REGULATIONS REGULATIONS

1. Citation
2. Interpretation
3. Publication of abandoned property
4. Report on abandoned property
5. Custody of abandoned property
6. Delivery of contents of a safe deposit box
7. Sale of contents of a safe deposit box
8. Deduction of expenses
9. Handling of proceeds from sale of contents of a safe deposit box
10. Abandoned property remaining unsold
11. Claim on abandoned property
12. Claim on contents of a safe deposit box
13. Notice of settled claim
14. Retention of customer records
15. Prohibited items
16. Completion of forms
17. Repeal SCHEDULE 1

1 BANKING (ABANDONED PROPERTY) REGULATIONS, 20[ ] These Regulations are made by the Minister, on recommendation of the Central Bank, in exercise of the powers conferred on the Minister under section [183] of the Banking Act, 2015 STATUTORY RULES AND ORDERS NO. of 20[ ]

1. Citation These Regulations may be cited as the Banking (Abandoned Property) Regulations, 20[ ].
2. Interpretation In these Regulations — “abandoned property” means any property presumed abandoned under Part XII of the Act; “Act” means the Banking Act 2015, [Citation]; “claimant” means a person who makes a claim to abandoned property as the owner or a legal representative; and “prohibited item” means anything deemed controlled or illegal by an Act of Parliament.
3. Publication of abandoned property (1) Subject to regulation 15, a notice issued by a licensed financial institution or licensed financial holding company under section [168(4)] of the Act shall be — (a) published in a newspaper for 2 consecutive weeks; (b) published in one issue of the Gazette; and (c) mailed to the owner at his or her last known address by registered mail. (2) A notice published or mailed shall include a statement to the effect that on the expiration of the date stipulated within the notice and without a claim from the owner, the abandoned property shall be paid to the Central Bank.

2 (3) A licensed financial institution or licensed financial holding company shall confirm to the Central Bank that it has complied with section [168(4)] within 2 months after the end of the financial year of the licensed financial institution or licensed financial holding company. (4) The confirmation required by regulation 3(3) shall provide the following details regarding the publication of abandoned property — (a) a copy of the notice published in the Gazette; (b) a copy of the notice published in the newspaper; (c) a link to the website of the licensed financial institution or licensed financial holding company where the abandoned property has been published; (d) the number of owners notified; (e) the number of accounts presumed to be abandoned; (f) the total value of abandoned property; and (g) a copy of the template of the notice sent to owners. (5) Where a licensed financial institution or licensed financial holding company does not hold any abandoned property, the licensed financial institution or licensed financial holding company shall inform the Central Bank in writing.

3 4. Report on abandoned property (1) A licensed financial institution or licensed financial holding company shall report the holdings, required by section 168(1) of the Act, electronically to the Central Bank. (2) The report in regulation 4(1) shall provide — (a) in the case of a general deposit or funds paid, the (i) name of the owner, (ii) account number, and (iii) value of the abandoned property; and (b) in the case of an instrument, the (i) name of the person at whose request the instrument was issued, (ii) instrument number, (iii) date of the instrument, and (iv) the amount of the instrument. (3) A licensed financial institution or licensed financial holding company shall report the holdings required by section [170(2)] of the Act, in the form set out as Form 1 in the Schedule. (4) Form 1 shall be completed in triplicate and one copy shall be retained for a period of 11 years by the — (a) licensed financial institution or licensed financial holding company; (b) Minister; and (c) Central Bank. 5. Custody of abandoned property (1) Subject to regulation 8 and at the time the report is made to the Central Bank pursuant to section [168(1)] of the Act, a licensed financial institution or licensed financial holding company shall submit to the Central Bank any abandoned property.

4 (2) The Central Bank shall publish the particulars of the abandoned property on its website until any of the following events occurs — (a) a claim is legally settled; or (b) 15 years have elapsed from the date on which the abandoned property was paid into the custody of the Central Bank. 6. Delivery of contents of a safe deposit box (1) A licensed financial institution or licensed financial holding company shall deliver to the Minister, pursuant to section [170(2)] of the Act, contents of a safe deposit box along with the Form referred to in regulation 4(3). (2) The Minister shall acknowledge receipt of the abandoned property by completing and signing the designated area on the Form. (3) A licensed financial institution or licensed financial holding company shall submit a copy of the completed and signed Form to the Central Bank. 7. Sale of contents of a safe deposit box (1) The Minister shall not less than 7 days before selling the contents of a safe deposit box by public auction pursuant to section [171] of the Act, give written notice to the Central Bank of the public auction. (2) A notice referred to in regulation 7(1) shall include − (a) the date, time and place of the public auction; and (b) an inventory of the property to be offered for sale. (3) The Minister shall publish the date, time and place of a public auction in− (a) a newspaper for 2 consecutive weeks; and (b) one issue of the Gazette.

5 (4) Upon the right to sell contents of a safe deposit box arising under section [171(1)] of the Act, the Minister shall hold a public auction within 60 days. (5) The Minister shall execute all documents necessary to transfer ownership of sold abandoned property to the purchaser. 8. Deduction of expenses (1) A licensed financial institution or licensed financial holding company may deduct from the abandoned property all reasonable expenses properly incurred and incidental to publishing and mailing notices required by section [168(4)] of the Act before the abandoned property is paid to the Central Bank. (2) Where pursuant to regulation 8(1) a licensed financial institution or licensed financial holding company deducts expenses and the value of the abandoned property is insufficient to cover the expenses, any excess shall be borne by the licensed financial institution or licensed financial holding company. 9. Handling of proceeds from sale of contents of a safe deposit box (1) The Minister shall deposit proceeds from a public auction into the Abandoned Property Fund within 7 business days of the sale. (2) A deposit made under regulation 9(1) shall be accompanied by a statement in the form set out as Form 2 in the Schedule. (3) Form 2 shall be completed in duplicate and one copy shall be retained for a period of 11 years by the — (a) Minister; and (b) Central Bank.

6 10. Abandoned property remaining unsold (1) The Minister shall submit to the Central Bank, within 7 business days of a sale, a statement of abandoned property remaining unsold in the form set out as Form 3 in the Schedule. (2) The Minister shall submit to the Central Bank, within 60 days of the sale, a statement of any abandoned property remaining unsold that the Minister intends to dispose of in the form set out as Form 4 in the Schedule. (3) The statement submitted under regulation 10(2) shall be accompanied with a notice of the date, time, method and location of intended disposal of the abandoned property remaining unsold. (4) The Minister shall provide the Central Bank, within 30 days of the disposal of abandoned property remaining unsold, written confirmation that the unsold abandoned property has been disposed of. (5) Forms 3 and 4 shall be completed in duplicate and one copy shall be retained for a period of 11 years by the — (a) Minister; and (b) Central Bank. 11. Claim on abandoned property (1) A licensed financial institution or licensed financial holding company shall only issue Form 5 to a claimant. (2) A claimant shall make a claim for abandoned property pursuant to section [173(1)(a)] of the Act to the licensed financial institution or licensed financial holding company where the account was established in the form set out as Form 5 in the Schedule.

7 (3) A claim under regulation 11(2) shall be— (a) signed by the claimant; (b) duly notarised by a [Notary Public/Royal]; and (c) supported by affidavit evidence. (4) On receiving a claim made under regulation 11(2), the licensed financial institution or licensed financial holding company shall verify that the claimant legally has rights to the abandoned property. (5) In verifying a claim under regulation 11(4) the licensed financial institution or licensed financial holding company shall consider— (a) the names and signatures of the owner and the claimant; (b) whether the account number in the claim and that associated with the abandoned property are the same; (c) any documentary evidence of the address of the owner on record or of the business relationship with the licensed financial institution or licensed financial holding company; (d) any documentary evidence of legal authorisation to claim the abandoned property if the claimant is not the owner; and (e) any other document or record that the licensed financial institution or licensed financial holding company may consider substantive to the validity of the claim and the identity of the owner and the legal authority of the claimant. (6) A licensed financial institution or licensed financial holding company on receiving a claim and after satisfying its internal requirements shall submit the claim to the Central Bank for verification before the claim is settled. (7) The Central Bank shall verify a claim submitted to it by a licensed financial institution or licensed financial holding company and where a claim is verified the Central Bank shall credit the account of the licensed financial institution or licensed financial holding

8 company and advise the licensed financial institution or licensed financial holding company to settle the claim. (8) Form 5 shall be completed in triplicate and one copy shall be retained by the — (a) claimant; (b) licensed financial institution or licensed financial holding company for a period of 16 years; and (c) Central Bank for a period of 16 years. 12. Claim on contents of a safe deposit box (1) A claimant shall make a claim for abandoned property pursuant to sections [173(1)(b) and (c)] to the Minister in the form set out as Form 6 in the Schedule. (2) Form 6 shall be completed in triplicate and one copy shall be retained by the — (a) claimant; (b) Minister for a period of 11 years; and (c) Central Bank for a period of 11 years. (3) A claim under regulation 12(1) shall be— (a) signed by the claimant; (b) duly notarised by a [Notary Public/Royal]; and (c) supported by affidavit evidence. (4) On receiving a claim under regulation 12(1), the Minister shall verify that the claimant is the rightful and legal owner of the abandoned property. (5) In verifying a claim under regulation 12(4) the Minister shall consider— (a) the names of the owner and the claimant; (b) whether the safe deposit box number in the claim and that associated with the abandoned property are the same;

9 (c) any documentary evidence of address of the owner on record or of the business relationship with the licensed financial institution or licensed financial holding company; (d) any documentary evidence of legal authorisation to claim the abandoned property if the claimant is not the owner; and (e) any other document or record that the Minister may consider substantive to the validity of the claim and identity of the owner and the legal authority of the claimant. (6) The Minister shall submit to the Central Bank quarterly records of claimed abandoned property in the form set out as Form 7 in the Schedule. (7) Form 7 shall be completed in duplicate and one copy shall be retained for a period of 11 years by the — (a) Minister; and (b) Central Bank. 13. Notice of settled claim (1) Where a claim is settled the licensed financial institution, licensed financial holding company or the Minister shall within 2 business days give notice to the Central Bank that the claim has been settled in the form set out as Form 8 in the Schedule. (2) The notice under regulation 13(1) shall include the — (a) particulars of the claimed abandoned property; and (b) method of payment used to settle the claim. (3) Form 8 shall be completed in duplicate and one copy shall be retained for a period of 11 years by the — (a) licensed financial institution, licensed financial holding company or Minister; and (b) Central Bank.

10 14. Retention of customer records and forms (1) A licensed financial institution or licensed financial holding company shall maintain customer records pertaining to abandoned property paid into the custody of the Central Bank for a period of 16 years from the date of payment to Central Bank to facilitate the verification and settlement of claims under regulation 11. (2) The Minister shall maintain for a period of 11 years— (a) customer details in respect of abandoned property in safe deposit boxes to facilitate the verification and settlement of claims under regulation 12; and (b) all records of any unsold abandoned property disposed pursuant to regulation 10. 15. Prohibited items (1) Immediately on discovery, a licensed financial institution or licensed financial holding company shall deliver any abandoned property that is a prohibited item to the relevant authority. (2) A licensed financial institution or licensed financial holding company shall not publish a prohibited item or the particulars of a prohibited item in a notice. 16. Completion of forms (1)Except as may be otherwise prescribed herein, the Forms prescribed in the regulations must be — (a) typewritten or printed; (b) legible and suitable for photocopying; and (c) produced on good quality 8.5 inches by 14.0 inches paper. (2)Numbers in the forms must be numerical and not in words.

11 (3) If information or an item required to be disclosed on the form does not apply use the phrase “not applicable” or the abbreviation “N/A” should be used. 17. Repeal The [Banking (Abandoned Property) Regulations 2008, No. of 2008] is hereby repealed.

12 SCHEDULE 1 Form 1: Statement of Delivery of the Contents of a Safe Deposit Box Form 2: Statement of Sold Abandoned Property Form 3: Statement of Unsold Abandoned Property Form 4: Statement of Disposal of Abandoned Property Form 5: Claim for Abandoned Property from the ECCB Form 6: Claim for Abandoned Property from the Minister Form 7: Statement of Claimed Abandoned Property Form 8: Confirmation of Payment of Claim for Abandoned Property

13 FORM 1 Statement of Delivery of the Contents of a Safe Deposit Box (Regulation 4) Name of Financial Institution Minister of Finance [Address] Package No. Name(s) Last known address of Owner Safety Deposit Box No Date of Last Lease or Rental Payment Description of Property For the financial year ended [date] To be completed by the Financial Institution

SIGNED AND DELIVERED TO ) Manager/Authorized Signatory THE MINISTER OF FINANCE ) Manager/Authorized Signatory Date To be completed by the Minister of State SIGNED AND RECEIVED FROM) Minister of Finance/Appointed Trustee THE FINANCIAL INSTITUTION)

Authorized Signatory Date

14 FORM 2 Statement of Sold Abandoned Property (Regulation 9) Governor ECCB Package No. Name(s) of Purchaser Name(s) of Previous Owner Safety Deposit Box No Name of Financial Institution Date of auction Description of Property Value EC$ Gross Net of authorized deductions

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Minister of Finance/Appointed Trustee

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Authorized Signatory

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Date

15 FORM 3 Statement of Unsold Abandoned Property (Regulation 10) Governor ECCB Packag e No. Name(s) Safety Deposi t Box No. Name of Financial Institution Date of auction Description of Property Gross Value of Propert y EC$

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Minister of Finance/Appointed Trustee

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Authorized Signatory

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Date

16 FORM 4 Statement of Disposal of Abandoned Property (Regulation 10) Governor ECCB Packag e No. Name(s) Safety Deposit Box No. Name of Financial Institution Description of Property Reason for Disposal Intended Form of Disposal Recipient (if necessary) Gross Value of Propert y EC$

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Minister of Finance/Appointed Trustee

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Authorized Signatory

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Date

17 FORM 5 Claim for Abandoned Property from the ECCB (Regulation 11) [LICENSED FINANCIAL INSTITUTION/ HOLDING COMPANY] Claimant Information Name:………………………..………………………… SSN/ID:……………………...………….............. Current Address: …………………………………………………………………………………....………………………… Telephone:…………………………………..……… Email…………………………………………….…….. Owner’s Information Name: ……………………………………………………..………… SSN/ID:……………….………………….………….. Address on Record: …………………………………………………………………….……………………………………… Telephone:……………………………… Email……………………………….……………….... Description of Abandoned Property Account No.: …………………………………………………………………………………………………..………..……. Name of Licensed Financial Institution: …………………….……………………………………………………………. Your status as a claimant: check one box below and attached documents requested: __ I am the OWNER. Attach proof of identity and address on record (utility bill or monthly statement). __ I am an HEIR of the owner. Attach a copy of probated will AND a copy of death certificate of the owner. __ I am a TRUSTEE or GUARDIAN to the owner. Attach copies of current documents establishing guardianship or trust. __ I am an EXECUTOR or ADMINISTRATOR for the owner's estate. Attach a copy of the death certificate AND Letters of Administration.

18 __ I am an OFFICER OF A COMPANY. Attach current documents establishing your authority to act for the company. __ I am a PARENT of the owner who is under age 18. Attach a copy of the minor's birth certificate, adoption papers (if applicable). CLAIMANT SIGNATURE The name Claimant hereby certifies that this claim for property presumed abandoned is valid and just, that all statements herein are true and correct, and that on payment of this claim said Claimant will indemnify and hold harmless the [ Name of Licensed Financial Institution], the Eastern Caribbean Central Bank, their Officers and Employees, from any damages, claims or losses of any kind resulting from the payment of the above described property to claimant. CLAIMANT:………………………………….. DATE:…………………….……………. Note: The Licensed Financial Institution reserves the right to request any additional information it deems necessary to support the validity of the claim. ATTACH THE FOLLOWING INFORMATION (A). Proof of Claimant's Social Security or National Identification Number (B). Copies of Claimant's Driver's License or any official form of picture identification (C). Copies of any form of Government Issued Identification for Owner (D). Proof of current mailing address Failure to provide your IDENTIFICATION, SIGNATURE, or COMPLETE THE CLAIM FORM will delay processing. TO BE COMPLETED BY LICENSED FINANCIAL INSTITUTION Authorized signature: …………………………………. Dated…………………………..….. [Position]

19 FORM 6 Claim for Abandoned Property from the Minister (Regulation 12) Government of [ ], Ministry of Finance Claimant Information Name:…………………………………………………… SSN/ID:…………………….…………................. Current Address: ……………………………………………………….…………..…………………………………….…… Telephone:……………………………………….… Email…………………………………………….…….. Owner’s Information Name: ……………………………………………………..………… SSN/ID:……………….……………………………... Address on Record: …………………………………………………………………….…………………………………….… Telephone:……………………………… Email…………………………….………………….... Description of Abandoned Property Safe Deposit Box No.: ……………………………………………………………………………………………………..…. Contents: …………………………………………………………………………………………………………………………. Property Reported by: ……………………………………….………………………………………………………………... (Name of Licensed Financial Institution) Your status as a claimant: check one box below and attached documents requested: __ I am the OWNER. Attach proof of identity and address on record (utility bill or monthly statement). __ I am an HEIR of the owner. Attach a copy of probated will AND a copy of death certificate of the owner. __ I am a TRUSTEE or GUARDIAN to the owner.

20 Attach copies of current documents establishing guardianship or trust. __ I am an EXECUTOR or ADMINISTRATOR for the owner's estate. Attach a copy of the death certificate AND Letters of Administration. __ I am an OFFICER OF A COMPANY. Attach current documents establishing your authority to act for the company. __ I am a PARENT of the owner who is under age 18. Attach a copy of the minor's birth certificate, adoption papers (if applicable). CLAIMANT SIGNATURE The name Claimant hereby certifies that this claim for property presumed abandoned is valid and just, that all statements herein are true and correct, and that on payment of this claim said Claimant will indemnify and hold harmless the Government of ________________, the Eastern Caribbean Central Bank, their Officers and Employees, from any damages, claims or losses of any kind resulting from the payment of the above described property to claimant. CLAIMANT:………………………………….. DATE:…………………………. Note: The Government reserves the right to request any additional information it deems necessary to support the validity of the claim. ATTACH THE FOLLOWING INFORMATION: (A) Proof of Claimant's Social Security or National Identification Number (B) Copies of Claimant's Driver's License or any official form of picture identification (C) Copies of any form of Government Issued Identification for Owner (D) Proof of current mailing address Failure to provide your IDENTIFICATION, SIGNATURE, or COMPLETE THE CLAIM FORM will delay processing. TO BE COMPLETED BY GOVERNMENT APPROVAL OF CLAIM No: Claimant Name: Year Delivered to State: Date of Last Lease Payment: Amount less authorized deductions: EC$

21 Description of Property: Paid to:……………………………………………………….... Claimant Authorized signatures: …………………………………………….…. Dated………………………….. [Minister of Finance/Appointed Trustee] ………………………………………………. Dated……………….……….. [Senior Official]

22 FORM 7 Statement of Claimed Abandoned Property (Regulation 12) Governor ECCB Packag e No. Name(s) Safety Deposit Box No. Name of Financial Institution Description of Property Name of Claimant Relationship of Owner to Claimant Gross Value of Property EC$

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Minister of Finance/Appointed Trustee

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Authorized Signatory

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Date

23 FORM 8 Confirmation of Payment of Claim for Abandoned Property (Regulation 13) Government of [ ]; Ministry of Finance/Licensed Financial Institution/Holding Company Claimant's Name:………...........………………………………............……….......................................................... Owner's Name:…………………………………………............………..................................................................... Net Value of property received from the ECCB/Minister:………….…………………………………………………………...............……..……………………………….….. Date of claim from the ECCB/Minister:..................…………….…………………...............…….…………………………. Date Claim paid by ECCB/Minister:......................…………….…………………...............…….………………………... Paid to: ……………………………………………………….... Claimant Authorized signature: ………………………………………………………………………... ……………………. Minister/Licensed Financial Institution/Holding Company Date Made this day of , 20[ ] ……………………………………. MINISTER OF FINANCE