As digital companies and currencies grow in popularity and availability, state agencies are moving to establish protocols for unclaimed property filing requirements. This promises to weigh on digital currency companies, as each state eventually will implement its own rules, regulations, and penalties for non-compliance.
Currently Illinois, Kentucky, Tennessee, Utah and Colorado have unclaimed property filing requirements for digital currency. As is typical, each state has unique requirements that are always subject to change. While these states work out their various processes, the rest certainly are watching closely, and they will come on board.
Are you ready?
UPCR Makes Unclaimed Property Filing Easy
Yes, unclaimed property compliance presents a huge challenge, especially for companies like yours who have never had to deal with unclaimed property filing before. In a most simplified view, these requirements include:
- Staying informed about each state’s regulations, which are always in flux.
- Documenting everything you hold, in the proper formats.
- Knowing if any accounts are close to or already dormant, as defined by each state.
- Reporting all unclaimed property to the appropriate state or states, in adherence with each state’s filing processes and deadlines.
- Implementing processes to aid rightful property owners in reclaiming their property, also by state.
Muddying the waters is the relative newness of digital currency. One of the big issues states have to resolve is how digital currency is valued for escheatment, not to mention who suffers any potential loss in value. Another is how they will define unclaimed. With traditional money, time is the measure. Digital challenges this as the only measure. For example, if a password is lost, is the account subject to unclaimed property filing?
These and too many other issues to detail here promise to make compliance for digital currency companies the longest roller coaster anyone has ever ridden. The good news is you have a bunch of friends who are crazy about compliance.
The experts at UPCR thrive in the world of unclaimed property every day. Our services not only save you time, money and aggravation, but relieve you of the risks and consequences of non-compliance.
Book a no-cost, no-obligation consultation today, and discover how we can make unclaimed property filing easy for you with:
- Project management to plan, execute, and manage your unclaimed property filing requirements from start to finish.
- Expert advice on all aspects of unclaimed property compliance, from risk assessment to voluntary disclosure.
- Design and implementation of a custom unclaimed property compliance solution that meets your unique and specific needs.
- Analysis of your unclaimed property data to identify potential risks and opportunities.
- Security assessments of your unclaimed property systems to protect your data from unauthorized access.
- Training for your staff on unclaimed property filing and technology solutions.
- Support to maintain your unclaimed property compliance program.
UPCR is your partner in unclaimed property and technology. Let us help you claim your peace of mind.
UPCR Offers the Services You Need
Powerful Software Built by Experts
UPCR’s UPNavigator is a must for anyone tasked with navigating the dizzying world of unclaimed property filing. This web-based app is your single source for all things unclaimed property filing and compliance:
- Intuitive, cost effective, and accessible
- Always current on all state regulations
- Facilitates and automates the successful submission of state reports—without manual data entry and processes
- Eliminates the risk of fines and penalties associated with non-compliance
- Ensures the rightful owners of any assets you submit to the state are able to reclaim them
- Simplifies real-time reporting and analytics
Unclaimed Property Reporting
Whether you work with crypto or another form of digital currency, meeting your company’s reporting requirements accurately and on time is an enormous undertaking—and a challenge our experts welcome!
Compliance geeks and proud of it, when you outsource your unclaimed property reporting needs to UPCR, your dedicated team puts a seamless reporting process in place for you that frees you of compliance concerns. What do you need?
- Data gathering, verification and analysis
- Escheatment eligibility
- Due diligence mailings
- State reporting
Our experts thrive in the world of unclaimed property services. The sooner we get to work, the sooner you can get on with the million other things you have to do. Let’s assemble your team now.
Death Master File Matching
How will you know when one of your clients dies? How often do you have to check? Are you prepared for the challenges, frustrations, and time you’ll waste trying to search for your clients on the Social Security Administration’s Death Master File? A quick Google search will reveal that redundancies, missing information, and inaccurate records are their norm.
These problems disappear with InSmart™, our DMF match tracking solution. Designed to efficiently track, review and report potential death matches, this web-based SaaS application assists in identifying duplicate matches, research documentation, and much more:
- Avoid redundant reviews by identifying duplicate matches.
- Manage matches in batches for research or management purposes.
- Verify match validity by comparing account and DMF details.
- Tailor status settings to monitor the review process according to your preferences.
- Generate or export match lists easily with filtering options.
- Access summary data through ad-hoc administration reporting.
- Provide proof of remediation by uploading account documentation files.
- Report matches to audit firms using built-in extract features.
In-House Team Building
A quality compliance team is essential, whether you outsource to us or build your own in-house team. Either way, we can help identify:
- What will work for you (aka, protect you).
- What may put you at risk.
- What solutions are possible.
Our experts also can do a full operational review and liability risk assessment to identify and quantify any liability that is subject to unclaimed property reporting. This can help you avoid costly fines and penalties and assure that you are in compliance with ever-evolving state laws.
An operational review and liability risk assessment typically includes:
- A comprehensive high-level review of your business records and accounting systems.
- Identification of any property that may be considered unclaimed property.
- Quantification of the liability associated with any unclaimed property.
- Development of a plan to manage unclaimed property to avoid fines and penalties.
Our expert team can address any concerns identified through these services with information, training, processes, or whatever means are necessary to ensure your unclaimed property compliance needs are met.
From data gathering to reporting, from our team to yours, when UPCR talks about unclaimed property service, we mean full service. Compliance need not be a worry.
The Consequence of Non-Compliance
You’ve likely heard that states are becoming more aggressive about unclaimed property compliance. Because of this, reporting requirements are in a constant state of flux, as many state officials key in on fines and penalties as a new source of deficit-shrinking revenue.
Whistleblowers are incentivized, too, as demonstrated in the case filed against JP Morgan Chase by Raw Data Analytics. Under Qui tam (whistleblower) statutes, triple the damages are awarded to firms that file whistleblower lawsuits. Companies new to unclaimed property filing are like fresh meat in the piranha pool.
Combined, the external pressures and internal weak spots can leave the digital currency industry exposed to more risk than anyone even realizes. Until it’s too late.
Don’t wait another minute. Reach out to our expert team today.
The Benefits of a Well-Crafted Unclaimed Property Program
Establishing a comprehensive unclaimed property program is more than just smart business—it’s essential to ensure compliance with state laws, streamline the processing and reporting of unclaimed property, and safeguard your business.
A robust unclaimed property program also helps reunite rightful owners with their property. This maintains your reputation and builds trust with your customers.
Some additional benefits include:
- Reduced Risk of Penalties
- Improved Efficiency
- Enhanced Reputation
- Operational Continuity