> How to claim from the Unclaimed Financial Assets Authority

> How to claim from the Unclaimed Financial Assets Authority

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What is an unclaimed asset?

Section 2 of the Unclaimed Financial Assets Act provides that an unclaimed asset is one that has been transferred to the Authority as unclaimed asset. It includes all income and dividends.

Types of unclaimed assets

  1. Traveller’s cheques and money orders that are unclaimed for 2 years are presumed abandoned.
  2. Money in a bank that was due to a person through a cheque that is unclaimed for 2 years is presumed abandoned.
  3. Deposits or savings that are not increased, decreased or there is no communication to the Bank regarding the funds for five years shall be presumed abandoned.
  4. Life insurance policy funds that are unclaimed for 2 years after the funds became due and payable shall be presumed as abandoned.
  5. Assets that are unclaimed for 2 years after demutualization shall be presumed as abandoned. Demutualization happens where an insurance company converts from a privately owned to a public traded insurance company.
  6. Deposit for utility services e.g. water and electricity that are unclaimed for 2 years after termination of the services, the payment shall be presumed as abandoned.
  7. Refund by Court g. for bail or deposit that is unclaimed for 2 years shall be considered as an unclaimed asset.
  8. Dividends that are unclaimed for 3 years shall be considered as unclaimed assets.
  9. Assets from a dissolved business entity that remain unclaimed for 2 years after the date specified for final distribution are presumed as abandoned.
  10. Gift certificate that is unclaimed for 5 years or was used one or more times without exhausting its full value, but subsequently was not used for an uninterrupted period of five years is presumed abandoned.
  11. Unpaid wages e.g. Payroll cheque, allowances, bonuses and terminal benefits that remain unclaimed for 1 year after becoming payable are presumed abandoned.
  12. Assets held in safe deposit box that remain unclaimed for 2 years after the lease or rental period on the box has expired, are presumed abandoned.
  13. Assets held by Court or Government department that remain unclaimed for 1 year after becoming payable are presumed abandoned.

Delivery of abandoned assets to the Authority

Section 19 of the Act imposes a duty on the holder of an unclaimed asset to notify the owner about their assets before remitting them to the Authority.

The holder of the unclaimed assets shall then write a report to the Authority with the details of the owner then deliver the assets to the Authority.

Right of the Authority to sell unclaimed assets

Section 25 of the Act provides that the Authority may sell abandoned assets within three years after the receipt of the abandoned assets.

Before selling any asset, the Authority shall publish at least one publication of notice, at least three weeks in advance of sale, in at least one newspaper of national circulation.

The purchaser of assets at a sale conducted by the Authority shall take the assets free of all claims of the owner or previous holder of the assets.

How to claim for abandoned assets in the custody of the Unclaimed Financial Assets Authority

Claim by owner

An owner claiming an interest in any assets in the custody of the Authority may file a claim by submitting the following documents:

  1. An Original Owner(s) claim form (form 4A)
  2. An Indemnity agreement (form 5)
  3. An official letter received from the holder confirming remittance of unclaimed financial assets to the Authority.
  4. A Certified copy of the claimant’s national identity card or passport (Certified by a lawyer).
  5. A copy of claimant’s KRA PIN certificate.

      Claim by beneficiary

      A beneficiary is the person or entity entitled to receive a claim upon the death of a person who has assets in the custody of the Unclaimed Financial Assets Authority. A beneficiary claiming an interest in any assets in the custody of the Authority may file a claim by submitting the following documents to the Unclaimed Financial Assets Authority:

      1. The beneficiary claim form (Form 4B)
      2. The Indemnity agreement (form 5)
      3. An official letter received from the holder confirming remittance of unclaimed financial assets to the Authority.
      4. A certified copy of the claimant’s national identity card or passport
      5. A Copy of claimant’s KRA PIN certificate.
      6. A Copy of certificate of death.
      7. A copy of the Certificate of Confirmation of Grant/ Certificate of Summary Administration.
      8. A claimant bank details form.
      9. A one-page copy of recent bank statement, current deposit slip or withdrawal slip clearly showing account name and number.

              Claim by an agent/representative of an owner

              An agent/representative claiming an interest on behalf of an owner’s asset in the custody of the Authority may file a claim by submitting the following documents:

              1. An agent for owner claim form (form 4D)
              2. An indemnity agreement (form 5)
              3. An official letter received from the holder confirming remittance of unclaimed assets to the Authority.
              4. A Certified copy of the claimant’s national identity card or passport.
              5. A Copy of claimant’s KRA PIN certificate.
              6. A Registered power of attorney. (Registered at the Ministry of Lands)
              7. A claimant bank details form.
              8. A one-page copy of recent bank statement, current deposit slip or withdrawal slip (clearly showing account name and number.

                    Claim on behalf of a Minor

                    A Guardian claiming an interest on behalf of a minor’s asset in the custody of the Authority may file a claim by submitting the following documents:

                    1. An agent for owner claim form (form 4D)
                    2. An indemnity agreement (form 5)
                    3. An official letter received from the holder confirming remittance of unclaimed assets to the Authority.
                    4. A Certified copy of the claimant’s national identity card or passport.
                    5. A Copy of claimant’s KRA PIN certificate.
                    6. Guardianship deed
                    7. Claimant’s bank details form
                    8. A one-page copy of recent bank statement, current deposit slip or withdrawal slip (clearly showing account name and number.

                          Claim on behalf of business entity

                          A person claiming an interest on behalf of a business entities asset in the custody of the Authority may file a claim by submitting the following documents:

                          1. Business entity claim form (form 4C)
                          2. Indemnity agreement (form 5)
                          3. An official letter received from the holder confirming remittance of unclaimed financial assets to the Authority.
                          4. Current form CR12 obtained from the Company Registrar indicating directors of a company.
                          5. Certified copy of the directors’ national identity cards or passports (Certified by a lawyer).
                          6. Copy of directors’ KRA PIN certificates.
                          7. Certificate of incorporation.

                                Procedure for claiming for abandoned assets

                                1. File the application to the Unclaimed Financial Assets Authority.
                                2. The Authority shall give a written notice within 90 days after it is filed.
                                3. Where a claim is allowed, the Authority shall pay or deliver to the Claimant the assets or money if the Authority has sold it.
                                4. If you are aggrieved by the Authorities decision, you may file an action in Court. The claim should be made within 90 days from the decision of the Authority.
                                5. If the Authority does not issue a notice within 90 days of filing, you may bring an action in Court against the Authority. The claim should be made within 180 days from the filing of the claim.

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