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Puerto Rico Unclaimed Property (Subscribe)Tweet
Puerto Rico’s Act 36 of 1989, as amended, the Abandoned or Unclaimed Money and Other Liquid Assets Act, requires financial institutions and most other holders to report to the Commonwealth’s Office of the Commissioner of Financial Institutions (OCFI) any financial property held that is considered abandoned or unclaimed. Banks doing business in Puerto Rico are similarly mandated by Section 37 (a) of the Banking Act of 1933, as ammended.
The OCFI is responsible for administering Puerto Rico’s Unclaimed Property Program under which property is turned over to the Commissioner’s office annually when the owner's whereabouts are unknown and the property has been inactive on the books of the reporting company for five years.