Escheatment | Unclaimed Property Basics
Accounts payable professionals are increasingly being asked to implement new procedures and safeguards for ensuring that accounting standards, privacy regulations, and/or company policies are followed. The threat of internal or external audit and possible sanctions looms for those who are not vigilant and diligent. Compliance with state escheatment laws requires one more set of procedures that the accounts payable professionals must devise and follow to prevent or at least minimize liability for noncompliance.
From a holder perspective, while it may sound like an opportunity to save time and effort, the degree of discrepancy among states' laws makes reliance on reciprocity a risky business.
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