Unclaimed Financial Assets in Kenya

Do you have unclaimed financial assets in Kenya? Do you know how to claim them? We help you unlock wealth by partnering with you on your journey to reclaim your assets.

Understanding the Unclaimed Financial Assets Act, 2011

The Unclaimed Financial Assets Act of 2011 was enacted by the Kenyan Parliament to ensure proper management of unclaimed financial assets. It creates a system for reporting, safeguarding, and returning these assets to their rightful owners. Below is a summary of the key aspects of this important legislation.

What Are Unclaimed Financial Assets?

Unclaimed financial assets are funds or other assets that remain untouched for a period, during which the owner has made no contact or transactions. This could include:

• Savings or current account balances
• Life insurance policies
• Shares and dividends
• Utility deposits
• Unclaimed wages or benefits

If no action is taken by the owner for a specified period the asset is considered abandoned and must be reported to the Unclaimed Financial Assets Authority (UFAA). UFAA will then try and trace the owner of the asset using various means including advertising on the daily newspapers.

Role of the Unclaimed Financial Assets Authority (UFAA)

The Act establishes the UFAA, whose responsibility is to safeguard unclaimed assets and return them to their rightful owners. The UFAA also manages the Unclaimed Financial Assets Trust Fund, where these assets are held temporarily until claimed.

Duties of Holders

Institutions or individuals holding unclaimed assets must make efforts to locate and notify the owners. If they cannot do so within a specific timeframe, they must report and transfer these assets to the UFAA.

Claiming Your Assets

If you believe you are entitled to unclaimed financial assets, you can file a claim with the UFAA. Once the Authority verifies your claim, they will return the assets to you. The UFAA also provides a public database where you can search for unclaimed assets under your name.

Failure to comply with the Act, such as failing to report or transfer unclaimed assets, can lead to penalties, including fines or imprisonment.

Why Is This Act Important?

The Unclaimed Financial Assets Act ensures that financial assets do not go unnoticed or misused. It protects the interests of individuals who may have forgotten about old bank accounts, insurance policies, or unclaimed wages, and ensures these assets are preserved and accessible when needed.

By promoting transparency and safeguarding unclaimed funds, this Act fosters trust in Kenya’s financial system. For businesses, it’s crucial to stay compliant by regularly reviewing records and fulfilling reporting obligations.

Would you like assistance in claiming your financial assets? Do you find the process too complicated or you don’t know where to start? Please contact us on info@swkadvocates.com to get started.