Complying with the myriad of abandoned and unclaimed property (“AUP”) laws is increasingly complicated. All fifty states, the District of Columbia, Puerto Rico, Guam, and the US Virgin Islands continue to increase their scrutiny of regulatory compliance of companies to ensure they are in compliance with such laws. The result is that many organizations are experiencing an increase in audits and stricter escheat reporting requirements. Many companies struggle to establish a lasting process to maintain ongoing compliance.
In addition, there is currently more than $100 billion in unclaimed property available from thousands of sources, including funds due back to companies from federal agencies, cities, counties and many others, making corporate asset recovery a great potential profit center that can help balance out the costs associated with unclaimed property compliance. However, in order to benefit, businesses need to proactively search for unclaimed property - a process that can be time consuming, nuanced and costly.
PwC can help you run effective abandoned and unclaimed property compliance programs, reduce business exposure, and decrease risks while also unlocking new sources of revenue through corporate asset recovery.
“For many executives, the unclaimed property function is an unavoidable and complicated cost center. Companies must monitor and comply with increasingly complex laws and requirements to report and remit to the appropriate state uncashed payroll checks, aged accounts receivable credits and a myriad of other types of abandoned and unclaimed property. It requires strong compliance processes and attention to detail at a time when the risk of being audited is on the rise.”
Our proprietary technology aupHOLDER, coupled with our experienced specialists and proven process, provides companies an end-to-end AUP compliance solution, saving time and money. We can work with you to custom-configure aupHOLDER and help transform the way you navigate the AUP compliance process.
Interested in a demo? Click here
Our proprietary technology, Corporate Asset Recovery System (CARS) automates the unclaimed property search process maximizing and expediting the identification and recovery of unclaimed assets for Fortune 500 companies. Automation is paramount to delivering corporate asset recovery results because of several factors.