Why Unclaimed Property Compliance Matters
Unclaimed property compliance is a critical responsibility for businesses. Failing to track, report, and remit unclaimed property can lead to severe penalties, interest charges, audits, and reputational damage. State laws require businesses to properly manage and report unclaimed assets, making compliance essential to avoid costly consequences.
Many organizations struggle with the complexities of unclaimed property laws, which vary by state. That’s why companies trust DMA’s Unclaimed Property Compliance service to handle the entire process efficiently and accurately.
Benefits of Outsourcing Unclaimed Property Compliance
By partnering with DMA, your organization gains access to:
- Risk Mitigation – Avoid audits, penalties, and compliance issues.
- Time & Cost Savings – Reduce the internal burden of managing unclaimed property.
- Regulatory Expertise – Stay compliant with constantly changing state laws.
- Comprehensive Reporting – Receive regular updates and detailed reports on compliance status.
Our Unclaimed Property Compliance Process
DMA provides a fully managed solution for unclaimed property compliance, ensuring that every step of the compliance process is handled professionally:
- Identifying & Managing Unclaimed Property – Tracking all unclaimed assets in compliance with state laws.
- Due Diligence & Owner Notification – Sending formal due diligence letters and tracking owner responses.
- Reissuing Payments – Returning property to rightful owners when possible.
- Filing State Reports – Preparing and submitting accurate reports to the appropriate state agencies.
- General Ledger Reconciliation – Ensuring financial records align with compliance reporting.
Stay Informed on Unclaimed Property Compliance Trends
Understanding unclaimed property regulations is essential for maintaining compliance. Stay updated with the latest industry developments by visiting the Unclaimed Property Professionals Organization (UPPO) and the National Association of Unclaimed Property Administrators (NAUPA) websites.