Who is a holder?
A holder (or a holding institution) is an entity that is in possession of a financial asset on behalf of an owner. These institutions can be banks, insurance companies, businesses, etc.
What is the duty of holders?
Holders of Unclaimed Assets are required to:
- Make all reasonable efforts to locate the owner and to notify the owner about the assets.
- Send a written notice to the apparent owner at his last known address informing him that the holder is in possession of the assets.
- Make a report concerning the assets to the Unclaimed Financial Assets Authority.