Regulatory Alerts2023-03-21
Banking (Abandoned Property) Regulations
Issued by the Minister on the Central Bank's recommendation under the Banking Act 2015, these regulations mandate licensed financial institutions and holding companies to systematically identify, publish notices for, and transfer abandoned property to the Central Bank. The framework establishes detailed reporting formats, custody rules, and public auction procedures for safe deposit box contents while permitting institutions to deduct reasonable publication expenses prior to transfer. It further standardizes a multi-step claims process requiring notarized, affidavit-supported applications verified by financial institutions or the Minister, with mandated record retention periods of up to 16 years to ensure accurate settlement from the Abandoned Property Fund.