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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Banking Industry Partners with Unclaimed
Financial Assets Authority to Raise Awareness

Coastweek -- Kenya Bankers Association (KBA), the umbrella body of the banking industry, has partnered with the Unclaimed Financial Assets Authority (UFAA), to run a public awareness campaign during the month of October as the financial sector prepares for the first year of formal reporting to the recently-launched sector regulator.
 

The “Unclaimed Financial Assets (UFA) Awareness Month” campaign will target financial institutions, including banks, microfinance institutions, stock brokers, as well as the other institutions such as large corporations, schools, courts, utility companies and other holders of unclaimed or unpaid cash, cheques, interest, wages and other classes of financial assets.

In addition to raising awareness regarding the reporting policy, institutions will be sensitised on the requirement that all holders of unclaimed financial assets, as defined by the UFA Act 2011, must remit these assets to the UFAA on or before 1st November of every year.

Speaking during the launch of the campaign, UFAA CEO Mrs. Kellen Kariuki, MBS, noted the importance of the partnership in facilitating the re-unification of customers with their assets.

“The primary responsibility of assets reunification is by holders themselves. UFAA assume that role on whatever else remain unclaimed. This initiative on education and awareness between UFAA and holding institutions will go a long way in enhancing reunification rate,” said Kellen.

  Chief Executive Officer of Kenya Bankers Association Mr. Olaka and UFAA CEO Mrs. Kellen Kariuki | Coastweek
Coastweek -- Chief Executive Officer of Kenya Bankers Association Mr. Olaka and UFAA CEO Mrs. Kellen Kariuki,

“Currently banks are at the forefront of implementing the new requirements and we expect the industry will improve in implementation now that there are formal reporting structures and as the regulations which streamline the process are finalised,” said Mr. Olaka, Chief Executive Officer of Kenya Bankers Association.

“We are pleased to partner with the UFAA, and we are confident that this important initiative will support the process of reunification,” he said.

Mr. Olaka reiterated the banking industry’s commitment to compliance with the UFA law.

During the campaign, the public will be reminded to routinely update their records as a matter of basic good financial practice to ensure their assets are not deemed unclaimed or abandoned. Owners of unclaimed assets will also be educated on how to contact the Authority to establish if the regulator has their funds; and the procedures for filing a claim. 

According to the Unclaimed Financial Assets Act - 2011, a financial asset is considered unclaimed when no claims have been made, no transactions have been performed or no instructions have been given with respect to the asset for a period of time. The Act has set different periods within which assets can be declared dormant and hence unclaimed; the periods range from two years for cheques to seven years for bank accounts.

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