Unclaimed assets in banks:
New CB regulations to protect customers
The Central Bank
The Central Bank will calculate the total amount due from abandoned
properties, which the local banking sector holds within a few weeks with
the information submitted by the banks under the new regulations to
Regulations promulgated by the Central Bank to regulate unclaimed
assets of customers lying with the banks would bring in a large revenue
to the Government, a senior official told Daily News Business.
The banks will publish the names, addresses and other details of such
unclaimed accounts to give an opportunity for the children or heirs of
the account holders giving them time to lodge their claims to the
assets, he said.
However, even after such notification if there were no claims made it
would be assumed that there were no claimants for these assets and all
the property will be transferred to the Central Bank.
This practice of transferring customers unclaimed assets to a special
account in the Central Bank is intended to protect the assets of such
customers, he said.
An official of the Bank of Ceylon (BoC) said most banks have
unclaimed assets such as deposits in various accounts of the account
holders who are either dead or were abroad and not living at the given
Since some of these assets had not been claimed for over five years
or more the banks have will now have to transfer the assets to the
Central Bank under the regulations.
All unclaimed assets such as jewellery, title deeds or other
valuables, which were not claimed will be administered under these
It had also been found that some banks were not aware of the
ownership of certain assets that had been lying in their lockers.
Therefore, the banks have been asked to update their databases so as
to recognize the unaccounted properties.