The definition of unclaimed property refers to any financial asset that has been abandoned or unclaimed by the rightful owner for a specific period of time. Examples include: Bank accounts and contents of safe deposit boxes. Dividends, payroll or cashier’s checks. Stocks, bonds, mutual fund accounts.
Are You A Claimant ?
Are you a Holder?
Legal Framework
UFAA
The Unclaimed Financial Assets Authority
UFAA was created to administer unclaimed financial assets. Our primary mandate is to receive unclaimed financial assets from the holders of such assets, safeguard and re-unite the assets with their rightful owners.
The mandate of the Authority is to:
- Receive, safeguard, invest and disburse unclaimed financial assets.
- Receive all payments required by the Act to be made to the Fund.
- Ensure that holders of unclaimed financial assets either reunite them or surrender them to the Authority.
- Carry out inspection of unclaimed financial assets to ensure accurate reporting.
- Ensure that all relevant information on unclaimed financial assets is submitted to the Authority and maintained in the database.
- Assume custody of the rights of unclaimed financial assets holders.
- To implement all government policies relating to it, and perform such other functions as are conferred on it by the Unclaimed Financial Assets Act.
- Make payments out of the Fund to the rightful owners in accordance with the provisions of the Act.
- Manage and invest the funds of the Authority.
- Implementation of unclaimed financial assets policies and procedures.
- Act as the Trustee to the Fund in accordance with Part V of Unclaimed Financial Assets Act.
- Enforce, and generally administer, the provisions of the Unclaimed Financial Assets Act.
- Advise the Cabinet Secretary on the national policy to be followed with regard to unclaimed assets.
- Locate and notify owners of the unclaimed financial assert.
How do I know I have unclaimed assets?
The National Association of Unclaimed Property Administrators’ website www.unclaimed.org is an excellent resource. This association consists of state officials charged with the responsibility of reuniting lost owners with their unclaimed property.
What happens to unclaimed assets in Kenya?
Do I lose my money once it is turned over to the UFAA? You do not lose any financial assets once remitted to UFAA. Indeed, UFAA on behalf of the Government exercise the responsibility as “Bona Vacantia” (holder of assets in the public interest) and guarantee you an indefinite right of reunification.
What is the code for unclaimed assets in Kenya?
(*361#)
Unclaimed Assets (*361#)
To check if you have any unclaimed assets, dial, *361#. According to reports, the Unclaimed Financial Assets Authority (UFAA) revealed that the value of unclaimed assets stood at Ksh55 billion.
How do I claim unclaimed money in Kenya?
Where the owner is claiming, the following are the requirements:
- Completed and duly commissioned Original Owner(s) claim form ( Form 4A)
- Completed and duly commissioned Indemnity agreement (Form 5)
- An official letter received from the holder confirming remittance of unclaimed financial assets to the Authority.
How long can an estate remain unclaimed?
How long are unclaimed estates held? Relatives have 12 years to claim for their inheritance following the death of a loved one; however, an estate can be claimed for up to 30 years if proof and proper documentation can be produced.