
Unclaimed property
In Australia, under the “Federal” banner; unclaimed property practises are regulated by the Banking Act of 1959, as amended. The Australian Securities and Investment Commission (ASIC) is the primary federal custodian of building society accounts, dormant bank accounts and company deregistration proceeds, to name but a few.
The law requires the authorised deposit-taking institutions to report principal, interest, dividends legally payable to account owners, when there has been no owner activity, including deposits and withdrawals, for seven years.
During 2015, the most recent amendment to the law occurred returning the dormancy period back to seven years, instead of three years.
Find more on our website.
http://www.unclaimedmoneyassociation.org
