The explosion in digital methods of transferring funds, exchanging items of value and storing wealth have fundamentally changed the financial system.
In this webinar we'll discuss:
- How unclaimed property laws may apply to the financial obligations owed and properties held by fintech companies, including ewallets, egiftcards, prepaid cards, money transfers, virtual currency, and loyalty programs
- The challenges in identifying and tracking unclaimed property across financial services apps that have replaced standard banking, trading, and retail platforms
- Recommendations about best practices for complying with state unclaimed property laws and minimizing audit risks
Joel D. Feinberg, Partner, Sidley
Scott J. Heyman, Partner, Sidley
Carol Lynn Thompson, Partner, Sidley
WHY IT MATTERS
An estimated one-third of consumers routinely utilize at least two fintech services, but unclaimed property laws are often ill-suited to the identification of unclaimed digital transactions and accounts since those laws are premised on indicia of abandonment such as uncashed checks and undeliverable mail. Yet state treasurers under budgetary pressures are highly interested in escheating these new sources of potential unclaimed property and have recently commenced audits against a host of fintech companies.
Sidley Austin LLP is an accredited MCLE provider in IL, NY and CA. CLE credit for this program is pending.
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