How to access unclaim financial assets

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The Unclaimed Financial Assets Authority (UFAA) is an Authority created under the Unclaimed Financial Assets Act, No. 40 of 2011 to administer unclaimed financial assets.  The primary mandate of the Authority 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 re-unite 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 holder
  •          locate and notify owners of the unclaimed financial assets
  •          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
  •           to implement all government policies relating to it; and perform such other functions as are conferred on it by the Unclaimed Financial Assets Act

How to access unclaim financial assets

Specify your preferred mode of payment on your claim form. The Authority does NOT make payments in cash. Provide details for one of the following modes:
1.    Bank transfer – give account details e.g. name of bank, branch and account number.If one of the following cases applies to you please attach the following details:
2.    Affidavit for change of name, if name on ID is different from that on any other identity document for the claimant or if the name of a company has changed.
3.    If claiming a banker’s cheque submit the original banker’s cheque or affidavit for loss.
4.    If claiming an insurance policy submit the original policy document/ affidavit for lost policy document.

Claiming by Original Owner

Where the owner is claiming, the following are the requirements:

1.    Completed form Original Owner(s) claim form ( Form 4A) 
2.    Completed Indemnity agreement (Form 5) duly commissioned.
3.    An official letter received from the holder confirming remmittance of unclaimed financial assets to the Authority.
4.     Certified copy of the claimant’s national identity card or passport (Certified by a lawyer).
5.    Certified copy of claimant’s PIN certificate (Certified by a lawyer).

6. Claimants bank details indicated on claimant bank details form.

7. Provide Bank Statement of an active account, current deposit slip, or withdrawal slip – clearly showing account name and number to confirm bank account details provided in item 6 above. (if more than one claimant provide statement of a joint bank account).

 

Claiming on Behalf (Beneficiary/Deceased cases)

Where the claimant is not the owner but has or asserts a legal right to an unclaimed asset, the claimant shall submit to the Authority the following:
1.    Completed beneficiary claim form ( Form 4B)
2.    Completed Indemnity agreement (Form 5) duly commissioned.
3.    An official letter received from the holder confirming remittance of unclaimed financial assets to the Authority.
4.    Certified copy of the claimant’s national identity card or passport.
5.    Certified copy of claimant’s PIN certificate.
6.    Certified certificate of death.
7.    Certificate of Confirmation of Grant/ Certificate of Summary Administration.

8.     Claimants bank details indicated on claimant bank details form.

9.     Provide Bank Statement of an active account, current deposit slip or withdrawal slip – clearly showing account name and number to confirm bank account details provided in item 8 above. (if more than one claimant provide statement of a joint bank account).

 

Claiming on Behalf (where owner is alive/agent for owner)
Where the claimant is not the owner but is claiming as an agent on behalf of a living owner, the following are the requirements:
1.    Completed agent for owner claim form ( Form 4D) duly commissioned.
2.    Completed Indemnity agreement (Form 5) duly commissioned.
3.    An official letter received from the holder confirming remittance of unclaimed assets to the Authority
4.    Certified copy of the claimant’s national identity card or passport.
5.    Certified copy of claimant’s PIN certificate.
6.    Registered  power of attorney.(Registered at the Ministry of Lands)

7.    Claimant’s bank details indicated on claimant bank details form.

8.     One page copy of recent bank statement, current deposit slip or withdrawal slip (clearly showing account name and number) to confirm bank account details provided in item 7 above.

Claiming on Behalf of a minor
Where the claimant is claiming on behalf of a minor who is an original owner, the following are the requirements:
1.    Completed agent for owner claim form ( Form 4D) duly commissioned.
2.    Completed Indemnity agreement (Form 5) duly commissioned.
3.    An official letter received from the holder confirming remittence of unclaimed financial assets to the Authority
4.    Certified copy of the claimant’s national identity card or passport.
5.    Certified copy of claimant’s PIN certificate.
6.    Guardianship deed.

7.    Claimant’s bank details indicated on claimant bank details form.

8.    One page copy of recent bank statement, current deposit slip or withdrawal slip (clearly showing account name and number) to confirm bank account details provided in item 7 above (if more than one claimant provide statement of a joint bank account).

Claiming on Behalf of a business entity
Where the claimant is claiming on behalf of a business entity, the following are the requirements:
1.    Completed business entity claim form ( Form 4C) duly commissioned.
2.    Completed Indemnity agreement (Form 5) duly notarized.
3.    An official letter received from the holder confirming remittance of unclaimed financial assets to the Authority.
4.    Current form CR12 obtained from the Company Registrar indicating directors of a company.
5.    Certified copy of the directors’ national identity cards or passports (Certified by a lawyer).
6.    Certified copy of directors’ PIN certificates.
7.    Certificate of incorporation.

8.  Business entity’s bank details indicated on the claimant bank details form.

9.    One page copy of recent bank statement, current deposit slip or withdrawal slip (clearly showing account name and number) to confirm bank account details provided in item 8 above.

NOTE THAT:

Documents from foreign jurisdictions should be notarised by a Public Notary.

A gazettement period of 30 days is required for benficiary and agent for owner claims. If no objection is received in our offices within this period, the funds will be paid to the claimantafter the gazettement period.

 

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