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Tuesday, September 08, 2009 - 06.27 GMT |
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CB to protect
customers’ unclaimed assets in banks |
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Deposits
or
assets
in banks
on which
the
owner
has not
shown an
interest
for over
10 years
would be
transferred
to a
special
account
in the
Central
Bank to
protect
assets
of such
customers.
Any
lawful
owner or
beneficiary
of such
assets
can
submit a
claim to
the
respective
Licensed
Bank and
is
entitled
to
recover
such
assets.
Therefore,
the
general
public
is
assured
of the
safety
of their
money.
"There
are
instances
where
customers’
monies
remain
unclaimed
in banks
for a
long
time due
to
various
reasons.
The most
common
reasons
according
to
records
are
change
of
residence,
migration
and
death.
Further,
customers’
assets
such as
gold and
other
valuables
may also
remain
unclaimed
in
safety
deposit
boxes
for a
long
time.
When an
account
remains
inactive
for a
long
period
of time,
there
could be
considerable
risks
such as
unauthorized
withdrawals
and
misuse
by those
who are
aware of
such
long
outstanding
deposits
or
assets,"
states
the
Central
Bank.
It also
says the
Banking
Act, No.
30 of
1988,
specifically
requires
safeguarding
the
interests
of
customers
of
banks,
who do
not have
any
transaction
for a
long
period
of time
by
introducing
procedures
for the
treatment
of
unclaimed
assets.
In terms
of these
provisions
of the
Banking
Act, the
Central
Bank has
issued
regulations
to
licensed
banks to
protect
such
assets
of
customers.
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