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The Nairobian

Institute of Certified Public Secretaries of Kenya calls for scrutiny of unclaimed assets

Financial Standard

By Standard Reporter | Oct 13, 2015

The Unclaimed Financial Assets Authority (UFAA) should audit all unclaimed financial assets to ensure beneficiaries do not lose out, the Institute of Certified Public Secretaries of Kenya (ICPSK) has said.

Members have also asked UFAA to ensure financial assets are surrendered to the State within the stipulated period, with non-compliance monitored and penalised.

The remarks were made during the institutes monthly forum in Nairobi over the weekend, where the guest of honour was UFAA Chairman Vincent Kimosop.

Mr Kimosop said the banking sector was so far the most compliant on the declaration of unclaimed financial assets, with UFAA realising Sh4 billion from these institutions in the 11 months it has been in operation.