Regulatory Alerts2022-08-17
Dormant Deposits and Deceased Persons’ Accounts
The Supervisor of Banks issued this directive to establish comprehensive requirements for banking corporations regarding the handling of dormant deposits and deceased persons' accounts. The regulation mandates that banks utilize the Population Registry to trace account holders, implement specific contact protocols before maturation and prior to reporting to the Administrator General, and maintain rigorous documentation of all tracing efforts. Additionally, the directive outlines procedures for managing safe deposit boxes with lost contact and requires banks to monitor for account holder deaths to notify heirs or classify accounts as dormant.
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