Unclaimed Financial Assets Act

Unclaimed Financial Assets Act kbaadmin May 11, 2022


The Unclaimed Financial Assets Act, 2011 provides a legislative framework for dealing with unclaimed financial assets, which are defined as: financial assets to which include any income, dividend or interest.

This act is aimed at establishing a dedicated mechanism and resources to help locate property owners and/or beneficiaries to facilitate claims. 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.