Status of the Unclaimed Assets Trust Fund
The Unclaimed Assets Trust Fund was created under Section 44 of the Unclaimed Financial Assets Act, No. 40 of 2011. It is vested in, and operated and managed by the Authority.
The Fund receive remittances from holders all moneys that become or are deemed to be unclaimed assets and other payments required by the Act, or by any other written law, to be paid into the Fund.
Payments are also made out of the Fund to rightful owners of unclaimed assets once identified.
The Authority has received remittances amounting to Kshs. 31.8 billion from holders into the Trust Fund Account including FOREX in various denominations. Reports have been made for 1.7 billion units of shares, 3,740 safe deposit boxes and 9.9 million unit trusts.
The Authority has so far received and paid claims amounting to KShs. 2.03 Billion from 29,076 claimants.
Unclaimed Financial Assets Regulations, 2016, formalizes processes relating to the management of unclaimed financial assets.
Status of the trust fund