The Unclaimed Financial Assets Regulations

Legal Notice 13 of 2016

This is the latest version of this Legal Notice.

The Unclaimed Financial Assets Regulations

Citation

Legal Notice 13 of 2016

Primary work

Unclaimed Financial Assets Act

Date

Language

English

Type

Legal Notice

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UNCLAIMED FINANCIAL ASSETS ACT

THE UNCLAIMED FINANCIAL ASSETS REGULATIONS

LEGAL NOTICE 13 OF 2016

Published in Kenya Gazette Vol. CXVIII—No. 10 on 5 February 2016
Commenced on 5 February 2016

[Revised by 24th Annual Supplement (Legal Notice 221 of 2023) on 31 December 2022]
[Amended by Unclaimed Financial Assets (Amendment) Regulations,2023 (Legal Notice 122 of 2023) on 25 August 2023]

Part I – PRELIMINARY

1. Citation

These Regulations may be cited as the Unclaimed Financial Assets Regulations, 2016.

2. Interpretation

In these Regulations, unless the context otherwise requires—"account" means a deposit account, savings account or current account by whatever name called;"abandoned property" means assets that appear to have been forsaken by their owner by virtue of no generated activity and to which it is presumed the owner has relinquished his or her interest to the property without vesting such interest in another person or entity;"agent" means a person who is either the attorney-in-fact for the living owner, or the court appointed guardian, custodian, conservator or fiduciary of the living owner, or a Trust that is registered for and on behalf of an owner or a beneficiary, or the court-appointed bankruptcy trustee for the living owner, or the custodial parent of the living owner of the asset being claimed, who is a minor;"certificate" means proof of ownership, physical or electronic, of property;"certified copy" deleted by L.N. 122/2023, r. 2.;"claimant" means a person who claims ownership of an unclaimed financial asset;"document" means accounts, deeds, letters, writings, books and any other record of information, however compiled, recorded or stored and whether in electronic, written or printed form, on microfilm or in any other form;"record" means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form;"safe deposit box" means a secure container, lockable box, locker, safe, vault or drawer maintained by a holder on behalf of an owner for the purpose of retaining personal assets of the owner and may include sealed parcels and envelopes; and"valuer" means a registered valuer under the Valuers Act (Cap. 532) and, unless otherwise stated, words and expressions contained in the Act shall have the same meaning in these Regulations.[L.N. 122/2023, r. 2.]

Part II – REPORTS AND TRANSFER OF ASSETS

3. Deposit for utility services

In accordance with section 9 of the Act, the following unclaimed monies held or owing by utilities shall be deemed abandoned property—

(a)any deposit made by the consumer or subscriber with such a utility to secure the payment for utility services furnished by such utility, or the amount of such deposit after deducting any sums due to such utility by such consumer or subscriber, which shall have remained unclaimed by the person entitled thereto for two years after the termination of the utility services to secure the payment of which such deposit was made;

(b)any amount paid in advance by the consumer or subscriber to such a utility in anticipation of the supply of a utility service; which the utility defaults in supplying, which shall remain unclaimed for two years;

(c)any amount which is the balance of money paid in advance for a utility service to a utility part of which is supplied by the utility; which shall remain unclaimed by the owner for two years; and

(d)the amount of any refund of excess or increased rates or charges collected by any such utility for utility services lawfully furnished by such utility which has been or shall hereafter lawfully be ordered refunded to the consumer or other person entitled thereto, which shall have remained unclaimed by the person entitled thereto for two years from the date it became payable in accordance with the final determination or order providing for such refund.

4. Delivery of certificate

(1)Where an asset is evidenced by a share certificate, a holder of the asset shall deliver a certificate to the Authority as set out in the Eleventh Schedule.

(2)Where the share certificate is dematerialized, the delivery date is the date the asset is credited to the account of the Authority.

(3)A holder of shares shall establish and maintain a register of inactive shareholders, and shall avail a certified copy of inactive shareholders register of the company when required to do so by the Authority.

5. Report of presumed abandoned assets; duties of assets holder

(1)In accordance with section 20 of the Act, a holder shall file a report with the Authority as set out in the First, Second, Third, Twelfth and Sixteenth Schedules and in the case where the unclaimed asset is in a safe deposit box, the holder shall file a report as set out in the Fourth Schedule.

(2)The report specified in paragraph (1) shall be submitted to the Authority on or before the first day of November of each year for the twelve month period ending on the immediately preceding thirtieth day of June.

6. Opening of, and determining the contents of a safe deposit box

(1)Upon receiving the report specified in regulation 5, the Authority shall, in consultation with the holder, set a date and time when the safe deposit box shall be opened.

(2)The following shall be present at the opening of the safe deposit box—

(a)a designated official or agent of the Authority;

(b)an authorised representative of the holder;

(c)a locksmith; and

(d)a valuer appointed by the Authority.

7. Assessment of value of safe deposit box contents

(1)The assets retrieved from the safe deposit box shall be—

(a)recorded and the record endorsed by the persons specified in regulation 6(2); and

(b)assessed by the valuer and the value indicated as set out in the Fifth Schedule

(2)Where a safe deposit box was opened before the commencement of this Act, the holder shall—

(a)as set out in the Fifth Schedule record the contents of the safe deposit box; and

(b)transfer the balance of the value and assets in his possession to the Authority.

(3)Non-financial assets shall not be transferred to the Authority and shall be managed in accordance with any other written law.

8. Costs of opening safe deposit box

(1)Where a safe deposit box is forced open, the Authority shall bear the cost of the forced opening of the box and the repair of the box.

(2)A holder shall not claim a lien on the contents of a safe deposit box except for any amount owed by the owner of the safe deposit box.

9. Process of due diligence to trace owners or beneficiaries of life insurance or assurance policies

The Authority shall publish in the Gazette and in at least one newspaper of wide circulation a notice of the presumed loss of a life insurance policy or life assurance policy and indemnify the holder who shall have done due diligence in reporting to the respective regulator against any liability in relation to the loss of the policy.

10. Charges and deductions

(1)A holder shall not levy any charges on an asset unless the charges are expressly permitted under the Act or these Regulations.

(2)Where a holder has levied charges on an asset, that holder shall provide the following information with respect to the asset on which charges have been deducted—

(a)income earned by the asset;

(b)cost incurred on the asset; and

(c)such other information as the Authority may require.

Part III – DEALING WITH UNCLAIMED FINANCIAL ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY

11. Claim on assets

(1)A person who claims ownership of any asset held by the Authority shall submit to the Authority—

(a)a duly completed form provided by the Authority, signed by the claimant or by such a person authorized to sign on the claimant’s behalf and witnessed by a person who need not to be a judicial officer or legal practitioner;

(b)where the owner has changed the new owner's name and copy of the Gazette Notice;

(c)any original document, where applicable, showing ownership of the asset to be claimed;

(d)a copy of the claimant's national identity card or passport;

(e)a deed of assignment or deed of nomination, where applicable; and

(f)letters of administration or grant of probate, a certificate of summary administration issued under the Public Trustee Act, or power of attorney or court order or any other document where applicable.

(2)Where the claimant is a business entity, the claimant shall submit a completed and executed by an authorized person accompanied by certified copies of the following documents—

(a)certificate of incorporation, or any other document of identity prescribed by any written law as the case may be;

(b)certificate of change of name; and

(c)personal identification number issued by the Kenya Revenue Authority.

(3)Where the claimant is not the owner but has or asserts a legal right to an unclaimed asset, the claimant shall submit to the Authority the following as set out in the Fourteenth and Fifteenth Schedules—

(a)deleted by L.N. 122/2023, r. 3(c);

(b)deleted by L.N. 122/2023, r. 3(c);

(c)deleted by L.N. 122/2023, r. 3(c);

(d)a court order that establishes representation by reason of incompetence or incapacity; or

(e)in case of a guardian, a deed in that regard.

(4)For purposes of ascertaining a claim, the Authority may seek further information from the claimant or any other person.

(5)The Authority shall within a period of sixty days from the date of submission of the claim with all the relevant documentation, notify the claimant of the Authority's decision regarding the claim.[L.N. 122/2023, r. 3.]

12. Payment of claims

The Authority shall, in accordance with section 28 of the Act, where it is satisfied that the claimant has met the requirements of these Regulations and having satisfied itself that there are no disputes relating to the asset—

(a)pay the owner or beneficiary claimant or such other person as the owner or beneficiary claimant may designate;

(b)where the claimant is a beneficiary or an agent, publish a thirty days' notice of no objection in the Gazette, at least two newspapers of wide circulation and on the Authority's website.

(c)Where there is no dispute in relation to the publication of a notice of no objection in the Gazette, pay the claimant after fourteen days of the expiry of the notice.

[L.N. 122/2023, r. 4.]

13. Deleted.

Deleted by L.N. 122/2023, r. 5.[L.N. 122/2023, r. 5.]

14. Availability and access to information by the public

In accordance with section 27 of the Act, the Authority shall provide information to the public at a fee of one hundred shillings.

Part IV – UNCLAIMED FINANCIAL ASSETS TRUST FUND

15. Investment of funds

In accordance with section 48 of the Act, the Authority shall invest monies in the Fund which are not for the time being required to be applied for the purposes of the Fund as outlined in the following table—

No.	Categories of Assets	Maximum Investment
1.	Cash and Current Account/Demand Deposits, Savings Deposit, Call Deposit and Fixed Deposits in institutions licensed under the Banking Act of the Republic of Kenya.	10%
2.	Government securities and bonds.	90%

FIRST SCHEDULE

HOLDER REPORTING INFORMATION

PART III PREVIOUS HOLDER INFORMATION
PREVIOUS NAMEOF BUSINESS	COMPANY REGISTRATION NO.			PIN NUMBER	DATE OF CHANGE
PREVIOUS ADDRESS (STREET, TOWN, POSTAL CODE, COUNTY)
PART IV PRIMARY BUSINESS ACTIVITY INFORMATION
PLEASE PROVIDE A BRIEF BUSINESS DESCRIPTION
PART V CONTACT PERSON
CONTACT PERSON			TITLE
PHONE NUMBER EXTENSION			EMAIL ADDRESS
PART VI AUTHORIZATION UNDER SECTION 20(2) OF THE ACT
I being the duly authorized officer of the Holder declare that I have examined the report of assets presumed unclaimed under the Unclaimed Financial Assets Act, 2011, and that the contents thereof are true, correct and complete, as of the stated date.SIGNATURE DATE TITLE
NOTE: This verification, if made by a partnership, shall be executed by a partner; if made by an incorporated association or private corporation, by an officer, and if made by a public corporation, by its chief executive officer
PROCESSED BY:		VERIFIED BY:

SECOND SCHEDULE

UNCLAIMED ASSETS DETAILS

THIRD SCHEDULE

REPORT OF MORE THAN ONE ASSET OWNER

Additional owner’s last name	Additional owner’s ﬁrst name/middle initial		Additional owner’s ID No.	Relationship code
Additional owner’s date of birth	Additional owner’s date of death	Other information available
Additional owner’s Postal Address	Additional owner’s Phone Number		Additional OwnerEmail Address
Additional owner’s last name	Additional owner’s ﬁrst name/middle initial		Additional owner’s ID	Relationship code
Additional owner’s date of birth	Additional owner’s date of death	Other information available
Additional owner’s Postal Address	Additional owner’s Phone Number		Additional OwnerEmailAddress
Additional owner’s last name	Additional owner’s ﬁrst name/middle initial		Additional owner’s ID	Relationship code
Additional owner’s date of birth	Additional owner’s date of death	Other information available
Additional owner’s Postal Address	Additional owner’s Phone Number		Additional Owner EmailAddress

**Use this form only if COLUMN (L) of FORM 2 is ticked**For Insurance companies please provide policy numbers**Please provide all the identification numbers you have (NHIF, NSSF, ID, PASSPORT NO., KRA PIN) NHIF-National Hospital Insurance Fund NumberNSSF-National Social Security Fund NumberID-National Identity card numberKRA PIN-Kenya Revenue Authority Personal Identification Number

FOURTH SCHEDULE

REPORT OF SAFE DEPOSIT BOXES

	Mailing Address			Physical address
	Postal Code		Town			County
3	Summary of Safe Deposit Box Contents Reported
	Number of Safe Deposit Boxes Reported/Remitted			Previous Holder (if you are a successor to a previous holder of the property)
	After submitting the report, contact the Unclaimed Assets Authority to schedule delivery.Do not send safe deposit box contents without a report confirming number from the Authority. Attach a copy of this report with the report confirmation number you received to the safe deposit box contents you remit
4	4a. I have attached a true and correct list of individual owners and properties4b. The relationship codes reported for each property will allow accurate payment to the reported owners.4c. Written notice has been sent to the owners of all properties being reported/remitted in accordance with the Act
5	I, being the duly authorized officer of the Holder declare that I have examined this report of assets presumed unclaimed under the Kenya Unclaimed Financial Assets Act, and that the contents thereof are true, correct, and complete, as of the stated date.Print Name Signature Date
FOR OFFICIAL USE ONLY
Deposit No		Receipt No.			Holder No.
Cheque/RTGS/EFT No.		Amount			Report No.

FIFTH SCHEDULE

UNCLAIMED SAFE DEPOSIT BOX CONTENTS/INVENTORY

SIXTH SCHEDULE

UNCLAIMED FINANCIAL ASSETS — ORIGINAL OWNER(S) CLAIM

SEVENTH SCHEDULE

UNCLAIMED FINANCIAL ASSETS — BENEFICIARY CLAIM

EIGTH SCHEDULE

UNCLAIMED FINANCIAL ASSETS — BUSINESS ENTITY CLAIM

NINTH SCHEDULE

UNCLAIMED FINANCIAL ASSETS — AGENT FOR OWNER CLAIM

TENTH SCHEDULE

INDEMNITY AGREEMENT

FORM 5
		DATE STAMP
UNCLAIMED FINANCIAL ASSETS AUTHORITY
Claimant/ Successor: Address: _________________________________
_________Post Code	________City/Town	______County:

Asset claiming:____________________________________________________________________________________________________________________________________________________________________________________________________________I, _____________________ is the undersigned claimant/successor in interest of the above-listed property which is in the possession of the Unclaimed Financial Assets Authority, in consideration of receipt of some or all of the above-listed property, agree to indemnify the Unclaimed Financial Assets Authority and hold it harmless against any and all claims, judgments, decrees, cost, expenses (including reasonable attorney fees) or any other loss which the Unclaimed Financial Assets Authority might sustain by reason of delivering or relinquishing the property to me and by reason of the Authority’s refusal hereafter to deliver the property or any part thereof to any other pe rson or entity.

SIGNATURE_________________	DATE § ___________
DECLARED AT:_____________________BEFORE ME THIS __________ DAY OF __________ 20____BY:____________________________COMMISSIONER OF OATHS		(NOTARY SEAL)

ELEVENTH SCHEDULE

UNCLAIMED SECURITIES

TWELFTH SCHEDULE

ASSET TYPE CODES

AC06	SECURITY DEPOSIT	MS06	REFUNDS DUE
AC07	UNIDENTIFIED DEPOSIT	MS07	UNREDEEMED GIFT CERTIFICATES
AC08	SUSPENSE ACCOUNTS CREDITS	MS08	UNCLAIMED LOAN COLLATERAL
AC09	OTHER ACCOUNT BALANCES OWING	MS09	PENSION & PROFIT SHARE PLANS
AC99	AGGREGATE ACCOUNT BALANCESUNDER Kshs. 200	MS10	DISSOLUTION OR LIQUIDATION
		MS11	FEES DUE
UNCASHED CHEQUES		MS12	UNCLAIMED LOTTERY PRIZEMONIES
CK01	INSTITUTIONAL/INDIVIDUAL CHEQUES	MS13	SUPSENSE LIABILITIES
CK02	BANKER’S CHEQUES	MS14	CREDIT MEMOS
CK03	BANK DRAFTS	MS15	UNIDENTIFIED REMITTANCES
CK04	BANK GUARANTEE	MS16	UNCOLLECTED REMITTANCES
CK05	MONEY ORDERS	MS17	UNREFUNDED OVER-CHARGES
CK06	TRAVELER’S CHEQUES	MS18	ACCOUNTS RECEIVABLE CREDIT BALANCES OR MEMOS
CK07	FOREIGN EXCHANGE CHEQUES	MS19	DEPOSITS FOR RENT, LEASES ORUNUSED SERVICES
CK08	EXPENSE REIMBURSEMENT CHEQUES	MS99	AGGREGATE MISC. PROPERTY UNDER Kshs. 200
CK09	PENSION CHEQUES
CK10	CREDIT CHEQUES OR MEMOS
CK11	VENDOR CHEQUES
CK12	CHEQUES WRITTEN OFF TO INCOME	SECURITIES
CK13	CD INTEREST CHEQUES	SC01	DIVIDENDS
CK14	REFUND OR REBATE CHEQUES	SC02	INTEREST (BOND COUPONS)

CK15	OTHER OUTSTANDING OFFICIAL CHEQUES		SC03	PRINCIPAL PAYMENTS
CK99	AGGREGATE UNCASHED CHEQUES UNDER Kshs.200		SC04	CAPITAL GAINS
			SC05	FUNDS PAID TO PURCHASE SHARES (IPO REFUNDS)
			SC06	FUNDS FOR STOCKS & BONDS/STOCK REDEMPTION
			SC07	COLLECTIVE INVESTMENT VEHICLES
SAFE DEPOSIT BOXES & SAFEKEEPING			SCO8	UNEXCHANGED STOCK OF SUCCESSOR CORP
SD01	COINS		SC09	OTHER CERTIFICATES OF OWNERSHIP
SD02	CURRENCY		SC10	FUNDS FOR LIQUIDATION/REDEMPTION OF UNSURRENDERED STOCK OR BONDS
SD03	STAMPS		SC11	DEBENTURES
SD04	STOCKS		SC12	KENYAN GOVT SECURITIES (BILLS/BONDS)
SD05	BONDS		SC13	SACCO SHARES
SD06	FUNDS FROM SALE OF SAFE DEPOSIT BOX CONTENTS		SC14	MATURE DBOND PRINCIPAL
SD07	FUNDS FROM SALE OF PERSONAL PROPERTY IN A STORAGE FACILITY		SC99	AGGREGATE SECURITY RELATED CASH UNDER Kshs. 50
SD08	OTHER INTANGIBLE PROPERTY
		INSURANCE			UTILITIES
IN01	INDIVIDUAL POLICY BENEFITS OR CLAIM PAYMENTS		UT01	UTILITY DEPOSITS

IN02	GROUP POLICY BENEFITS OR CLAIM PAYMENTS	UT02	UTILITY REFUNDS ORREBATES
IN03	POLICY SURRENDER VALUE DUE	UT03	OTHER UTILITY MONIES OWING
IN04	PROCEEDS FROM MATURED POLICIES, ENDOWMENTS OR ANNUITIES	UT99	AGGREGATE UTILITY PROPERTYUNDER Kshs. 500
IN05	PREMIUM REFUNDS
IN06	UNIDENTIFIED REMITTANCE
IN07	OTHER BENEFITS DUE UNDER POLICY TERMS	TRUST & ESCROW ACCOUNTS
IN08	UNCOLLECTED PREMIUM FOR GUARANTEES	TR01	AGENT ACCOUNT
IN09	UNCOLLECTED PREMIUM FOR GUARANTEES	TR02	UNDELIVEREDDIVIDENDS/INTEREST
IN10	UNAPPLIED MORTGAGE INSURANCE DUES	TR03	FUNDS HELD IN FIDUCIARY CAPACITY
IN11	UNAPPLIED MORTGAGE INSURANCE BALANCES	TR04	ESCROW ACCOUNTS
IN99	AGGREGATE INSURANCE BALANCES UNDERKshs, 200	TR05	PRE-NEED FUNERAL PLANS/INSURANCE
GOVERNMENTASSETS		TR06	MISSING HEIRS’ FUNDS
GO01	CUSTOMS DUTY REFUNDS	TR07	SUSPENSE ACCOUNTS
GO02	INCOME TAX REBATES	TR99	AGGREGATE TRUST FUNDPROPERTY UNDER Kshs. 200
GO03	BAILS AND BONDS MONEY
GO04	EXCESS FINE PAYMENTS
GO05	OTHER COURT DEPOSITS
GO06	JUDICIAL AWARDS AGAINST GOVERNMENT
GOO7	JUDICIAL AWARDS AGAINST PERSONS
GO99	AGGREGATE GOVERNMENT ASSETS PROCEEDS UNDER Kshs. 200
SPECIFY DATE RANGE ON "PERIODIC PAYMENTS"AND REPORT MULTIPLE AMOUNTS OF THE SAME PROPERTY TYPE FOR A SINGLE OWNER

THIRTEENTH SCHEDULE

DECLARATION OF SOLE PROPRIETORSHIP

[Deleted by L.N. 122/2023, r. 6.]

FOURTEENTH SCHEDULE

UNCLAIMED ASSETS DISCLOSURE / REPRESENTATION AUTHORIZATION

[Deleted by L.N. 122/2023, r. 7.]

FIFTEENTH SCHEDULE

DECLARATION FOR COLLECTION OF PERSONAL ITEMS

[Deleted by L.N. 122/2023, r. 8.]

SIXTEENTH SCHEDULE [r. 5]

HOLDER FORM COMPLETION INSTRUCTIONS

APPENDIX 5

Form 1: Holder Reporting Information

Part I – REPORT INFORMATION

FILING DATE- The date the Report is completed.REPORT PERIOD ENDING- Period ending date covered by this report as per the Unclaimed Financial Assets Act, (cap. 494).COMPANY REGISTRATION NUMBER- Provide your registration number as it appears on the Certificate ofincorporation.PIN NUMBER -Enter your Kenya Revenue Authority (KRA) issued Personal identification Number (PIN)TOTAL NO. ITEMS/SHARES/SAFE DEPOSIT BOXES Enter the total number of owners,shares, and safe deposit boxes included Form 2.CHEQUE/RTGS/EFT NUMBER - The number of the cheque/RTGS/EFT accompanying this Report.AMOUNT - Amount of payment being remitted, which is the Grand Total of all property items as recorded on the last page of Form 2 of the report (less Expenses, if applicable). Cheques are to be made payable to The Unclaimed Fiancial Assets Authority. Please submit one cheque for the Grand Total. Remittance must accompany the Report.

Part II – HOLDER INFORMATION

NAME OF HOLDER-Name of the company remitting the Report.COMPANY TRADING NAME— Provide your trading name if different from registered name.MAILING ADDRESS, CITY/TOWN, POSTAL CODE, COUNTY- Address used by the Holder to receive mail, to include the county.PLACE OF INCORPORATION- Where the company is incorporated, include county.DATE OF INCORPORATION- Date company was incorporated.PRIMARY PLACE OF BUSINESS- Location of main business activity in Kenya. Please be as specific as possible. If reporting for a single branch, please provide the physical address of the branch location.

Part III – PREVIOUS HOLDER INFORMATION

This section is to be used by a Holder that has had a name change or merger, or if the Holder is a successor to other entities who previously held the property for the owner. List previous holder numbers, names and/or addresses under which you have previously filed Unclaimed Asset reports.

Part IV – PRIMARY BUSINESS ACTIVITY

Please provide a brief summary that best describes your organization’s primary business activity.

Part V – CONTACT PERSON

The contact person listed on the report is the name of the individual who prepared the report or whom the Unclaimed Financial Assets Authority’s office can contact in the event there are any questions relating to the report.

Part VI – AUTHORIZATION

The individual authorized to submit the Report of Unclaimed Assets on behalf of the Holder.Form 2: Unclaimed Assets DetailsPIN NUMBER AND HOLDER NAME- Enter your (Holder) PIN Number and Holder Name as they appear in Section A of this Report. Leave the Holder Number space blank if it is unknown or unavailable.REPORT PERIOD ENDING- Enter the period ending date for which this report is being filed. Date should correspond with the reporting period listed in Section A of this report.ITEM NUMBER – Order of items as they appear on the report.ORIGINAL OWNER NAME- Last name, first name and middle name or initial, as available. Be sure to include any information that would aid in the identification of the owner, to include Jr., Sr., Dr., Mr., Ms., Mrs., etc. (for example, Smith Jane Ann MD). Company names or corporate titles should be entered exactly as adopted, except the word “the” should be omitted when it is the first word of the title. If a single item has two or more owners, the names and addresses of each must be listed. When reporting certified cheques or cashiers cheques, list the names and addresses of both remitter and payee if available, specifying each. If no owner name is available, report the asset as “Unknown” (include any other identifying information that may be available in the respective columns). Our goal is to return as much property as possible to the rightful owners, we encourage the reporting of detailed owner information whenever it is available.OWNER RELATIONSHIP- Relationship of each owner listed (e.g.OWNER, NEXT OF KIN, CUSTODIAN, MINOR, PAYEE, REMITTER). Refer to Owner Relationship Codes table Appendix 7.OWNER ADDRESS– Both physical address and Postal box. Include street, city/town, code, and county, if available, of the last known address of the original owner. If no address is available, write the word “Unknown”in the address column.NATIONAL ID/MILITARY ID/POLICE ID/PASSPORT/NHIF/NSSF NUMBER- Provide original owner’s ID or Passport or NHIF or NSSF number if available.DATE OF BIRTH- Date of birth if available.ACCOUNT/CHEQUE NUMBER/POLICY NUMBER- Enter any identification number(s) available regarding the asset item, such as account number, policy number, cheque number, stock certificate number, CDSC acccount number etc.ASSET DESCRIPTION- Enter the asset description of each item (e.g., Payroll cheques, Savings Accounts, Safe Deposit Box Contents, etc.). Refer to Asset Type Codes (Appendix 1) for listing of categories and descriptions.In the case of safe deposit boxes, attach separate inventory sheets identifying contents, including a description of the contents (e.g., “4 insurance policies, 1 gold ring, and 2 letters” etc.).For securities, please include the issuing company name and number of shares remitted for each owner.ASSET CODE- Enter the appropriate asset code for each type of unclaimed assets according to Asset Type Codes from Appendix 1.DATE OF LAST TRANSACTION/DATE ASSET BECAME PAYABLE, REDEEMABLE OR RETURNABLE- Indicate date of last owner-initiated activity on account, date of cheque, or date of maturity.TICK IF INTEREST-BEARING- Tick box if account was accruing interest at the time of remittance, or if the owner would have been entitled to interest had the property not been presumed/abandoned.AMOUNT DUE OWNER- Enter the total amount of cash value due to the owner, including any interest earned on deposits.PAGE TOTAL - Enter the sum of the amount due to owner column for each page.GRAND TOTAL- To be entered on the last page of the report. The Grand Total is the sum of the Page Totals from each page of Form 2 of there port – COLUMN M.DEDUCTED EXPENSES SUMMARY- This space may be used by the Holder pursuant to the Unclaimed Financial Assets Act, (Cap. 494). Expenses deducted must be itemized (expense description and amount). All expenses must be approved by the Unclaimed Financial Assets Authority office. If expenses are reported, deduct the expense total from the Grand Total to obtain the total amount of remittance.BENEFICIARY INFORMATION:INSURANCE-With respect to insurance/annuity proceeds payable upon the death of the insured, include identifying information for both the insured and the beneficiary.SECURITIES– Include; Treasury Bills, Treasury Bonds, Shares of Stock and Commercial Paper (see Appendix 1 for Asset Codes)Unclaimed Assets Report Checklist

1.Have you completed Forms 1 & 2 of this report?

2.Have you verified that the total of the individual assets equals the total amount of your cheque?

3.Are you deducting expenses? If so, please complete the expense summary in Form 2 and adjust your totals accordingly.

4.Have you checked the box for interest bearing accounts as applicable?

5.Is your cheque made payable to the Unclaimed Financial Assets Authority and attached to your report?

6.If applicable, are the following included in your report:o STOCK CERTIFICATESo SAFE DEPOSIT BOX CONTENTSo OWNER DETAIL LISTING (HARD COPY AND/OR ELECTRONIC/CD)

7.Did you include all names, addresses, postal codes and identification numbers that are available for owner accounts?

SEVENTEENTH SCHEDULE [r. 11]

CLAIMS FORM INSTRUCTIONS

UNCLAIMED FINANCIAL ASSETS AUTHORITYAPPENDIX 6UFAA CLAIM FORMS:FORM SECTIONS:

FORM4A–Use if claiming assets as the original ownerFORM4B–Use if you are claiming assets as a beneficiaryFORM4C–Use if you are claiming assets as the agent of an entityFORM4D–Use if you are claiming assets as the agent of a living owner

Section 1In this section, please provide the asset code if known or a brief description of the asset you are claiming. You are also asked to provide the name, address and KRA PIN number as reported by the business or entity that remitted your asset to the Unclaimed Financial Assets Authority (if known).Section 2In this section, please provide us with your (claimant’s) current or correct name and contact information. If you are an agent, please provide your name as the agent of the claimant or entity as well as your contact information.Section 3In this section, except for FORM 4A, please read the statements carefully and answer YES only when the statement is completely accurate for your circumstance.Section 4In this section (Section 3 on FORM 4A), please read the declarations carefully. You must sign and date the form. If there are joint owners, they must also sign the claim form.

REQUIRED EVIDENCE TO SUBMIT WITH ASSET CLAIM FORM:FORM 4A–Original Asset OwnerYou must provide a clear copy of official photo identification (National Identity Card or Passport).If your name has changed since the asset was reported to the Authority, you must provide verification of your name change. The Authority does not release funds based on name similarity alone. You must also provide a Kenya Revenue Authority Personal Identification Number (KRA PIN) or address match. If only one identifier is known to the Authority, you are required to prove that identifier. Additional identifiers may include The National Social Security Fund (NSSF) Number or The National Hospital Insurance Fund (NHIF) Number.Joint asset owners must file together unless:One of the owners is deceased. In this case, a copy of the joint owner’s death certificate is required.The owners are now divorced. In this case, a certified copy of the divorce decree and complete property settlement are required.The owners have lost contact. In this case, a notarized statement that confirms that the owners had no marital relationship, have lost contact and each listed owner is entitled to an equal portion of the property is required.FORM 4B– Beneficiary ClaimYou must provide a clear copy of official photo identification (National Identity Card or Passport).If your name has changed since the asset was reported to the Authority, you must provide verification of your name change. The Authority does not release funds based on name similarity alone. You must also provide a Kenya Revenue Authority Personal Identification Number (KRA PIN) or address match for the deceased. If only one identifier is known to the Authority, you are required to prove that identifier. Additional identifiers may include The National Social Security Fund(NSSF) Number or The National Hospital Insurance Fund (NHIF) Number.You are required to prove that you are an individual the Republic of Kenya recognizes as having lawful authority to collect the estate of the decedent.If you answered YES to question 3a, you are required to provide a confirmed grant letter of administration, a complete and un-redacted copy of decedents signed and valid Will and a copy of the Trust if one is mentioned in the Will. In lieu of the entire Trust the Authority will accept your letters of acceptance as trustee or a Certificate of Trust, to prove you are the current trustee.If you answered YES to question 3b, you are required to provide your letters of office certified within the last 60 days.If you answered YES to question 3c, you must submit a court order, such as a Decree of Distribution naming you as a payee, or the court appointed Personal Representative must submit a claim.A complete un-redacted copy of the decedent’s official Death Certificate.FORM 4C– Business Entity ClaimYou must provide a clear copy of official photo identification (National Identity Card or Passport).If the original asset owner’s name has changed since the asset was reported to the Authority, you must provide verification of your name change. The Authority does not release funds based on name similarity alone. You must also provide a Kenya Revenue Authority Personal Identification Number (KRA PIN) or address match for the entity. If only one identifier is known to the Authority, you are required to prove that identifier. Additional identifiers include the Company Registration Number, Business Licence Number or Trade Association Number. Include your Tax Compliance Certificate.You are required to prove that you are an individual that the Republic of Kenya recognizes as an authorized representative for your entity.If you answered YES to question 3a, you are required to complete and submit an Declaration of Sole Proprietorship, APPENDIX2.If you answered YES to question 3b, you are required to provide a complete and un-redacted copy of the partnership agreement.If you answered YES to question 3c, you are required to complete and submit an Unclaimed Asset Disclosure/Representation Authorization, APPENDIX 4.If you answered YES to question 3d, you are required to provide your certified letters of office. If an entity has been appointed as trustee,you must submit a completed authorization to represent release, APPENDIX 3.If you answered YES to question 3e,.you are required to submit a copy of your employer issued ID.You are required to provide proof that the entity you are representing does business or receives mail at the address you wish us to send payment to.FORM 4D–Agent for OwnerYou must provide a clear copy of official photo identification (National Identity Card or Passport).If your name has changed since the asset was reported to the Authority, you must provide verification of your name change. The Authoritydoes not release funds based on name similarity alone. You must also provide a Kenya Revenue Authority Personal Identification Number (KRA PIN) or address match. If only one identifier is known to the Authority, you are required to prove that identifier. Additional identifiers may include The National Social Security Fund (NSSF) Number or The National Hospital Insurance Fund (NHIF) Number.Joint asset owners must file together unless:One of the owners is deceased. In this case, a copy of the joint owner’s death certificate is required.The owners are now divorced. In this case, a certified copy of the divorce decree and complete property settlement are required.The owners have lost contact. In this case, a notarized statement that confirms that the owners had no marital relationship, have lost contact and each listed owner is entitled to an equal portion of the property is required.You are required to prove that you are an individual the Republic of Kenya recognizes as an authorized agent for the living owner:If you answered YES to question 3a, you are required to provide a complete copy of your valid power of attorney agreement.If you answered YES to question 3b, you are required to provide your letters of office or order issued by the court.If you answered YES to question 3c, you are required to provide your letters of acceptance as trustee, certificate of Trust or a copy of the Trust’s title page and signature page along with the article of the Trust which names you as trustee. All are acceptable to prove you are the current trustee.If you answered YES to question 3d. If an entity has been appointed as trustee, you must submit an unclaimed assets disclosure/representation Authorization, APPENDIX 3.If you answered YES to question 3e, you must provide a copy of the minor’s birth certificate.Please be aware that each claim is unique and that once your claim is received, the Authority may need to request additional information from you to support your claim. If this is the case, the Authority will contact you by telephone or in writing to explain the additional requirement and will allow you an opportunity to provide the additional evidence rather than denying your claim. If you have any questions or cannot provide the evidence requested, we recommend that you complete the claim form and submit the evidence you can provide along with a note explaining your circumstances. A claims specialist may be able to clarify and assist you with the evidence requirement.

EIGHTEENTH SCHEDULE [r. 11]

RELATIONSHIP CODES

APPENDIX 7

P		Primary/Sole Owner
AD		Administrator
AF		Attorney For
AG		Agent For
TE		As Trustee For
EX		Executor
JT		Joint Tenants With Rigths of Survivorship
JC		Joint Tenants in Common
AN		And
PA		Payee
BF		Beneficiary
PG		Power of Attorney
OR		Or
RE		Remitter
AO		And/Or
UG		Uniform Gift to Minors
CC		Co-Conservator
GR		Guardian For
CF		Custodian For
CN		Conservator
FB		For Benefit Of
IN		Insured
JOINT OWNERSHIP CODES
BF		Beneficiaries
AND		And
OR		Or
JC		Joint Tenants in Common
JT		Joint Tenants with Rights of Survivorship
ITRF		In Trust For
UWLL		Under Will
UTRS.		Under Trust (dated)
UAGR		Under Agreement (dated)
FB.		For Benefit of
CF		Custodian For
TD		Transfer on Death
TF		Trustee for
UG		Uniform Gift to Minors

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History of this document

25 August 2023 this version

Amended by Unclaimed Financial Assets (Amendment) Regulations,2023

31 December 2022

Revised by 24th Annual Supplement

Read this version

05 February 2016

Published in Kenya Gazette 10

Commenced

Read this version

Cited documents 2

Act 2

1.	Unclaimed Financial Assets Act	142 citations
2.	Valuers Act	32 citations

The Unclaimed Financial Assets Regulations

Legal Notice 13 of 2016

The Unclaimed Financial Assets Regulations

Related documents

LAWS OF KENYA

UNCLAIMED FINANCIAL ASSETS ACT

THE UNCLAIMED FINANCIAL ASSETS REGULATIONS

LEGAL NOTICE 13 OF 2016

Part I – PRELIMINARY

1. Citation

2. Interpretation

Part II – REPORTS AND TRANSFER OF ASSETS

3. Deposit for utility services

4. Delivery of certificate

5. Report of presumed abandoned assets; duties of assets holder

6. Opening of, and determining the contents of a safe deposit box

7. Assessment of value of safe deposit box contents

8. Costs of opening safe deposit box

9. Process of due diligence to trace owners or beneficiaries of life insurance or assurance policies

10. Charges and deductions

Part III – DEALING WITH UNCLAIMED FINANCIAL ASSETS, DUTIES OF HOLDERS AND CERTAIN POWERS OF THE AUTHORITY

11. Claim on assets

12. Payment of claims

13. Deleted.

14. Availability and access to information by the public

Part IV – UNCLAIMED FINANCIAL ASSETS TRUST FUND

15. Investment of funds

FIRST SCHEDULE

HOLDER REPORTING INFORMATION

SECOND SCHEDULE

UNCLAIMED ASSETS DETAILS

THIRD SCHEDULE

REPORT OF MORE THAN ONE ASSET OWNER

FOURTH SCHEDULE

REPORT OF SAFE DEPOSIT BOXES

FIFTH SCHEDULE

UNCLAIMED SAFE DEPOSIT BOX CONTENTS/INVENTORY

SIXTH SCHEDULE

UNCLAIMED FINANCIAL ASSETS — ORIGINAL OWNER(S) CLAIM

SEVENTH SCHEDULE

UNCLAIMED FINANCIAL ASSETS — BENEFICIARY CLAIM

EIGTH SCHEDULE

UNCLAIMED FINANCIAL ASSETS — BUSINESS ENTITY CLAIM

NINTH SCHEDULE

UNCLAIMED FINANCIAL ASSETS — AGENT FOR OWNER CLAIM

TENTH SCHEDULE

INDEMNITY AGREEMENT

ELEVENTH SCHEDULE

UNCLAIMED SECURITIES

TWELFTH SCHEDULE

ASSET TYPE CODES

THIRTEENTH SCHEDULE

DECLARATION OF SOLE PROPRIETORSHIP

FOURTEENTH SCHEDULE

UNCLAIMED ASSETS DISCLOSURE / REPRESENTATION AUTHORIZATION

FIFTEENTH SCHEDULE

DECLARATION FOR COLLECTION OF PERSONAL ITEMS

SIXTEENTH SCHEDULE [r. 5]

HOLDER FORM COMPLETION INSTRUCTIONS

APPENDIX 5

Part I – REPORT INFORMATION

Part II – HOLDER INFORMATION

Part III – PREVIOUS HOLDER INFORMATION

Part IV – PRIMARY BUSINESS ACTIVITY

Part V – CONTACT PERSON

Part VI – AUTHORIZATION

SEVENTEENTH SCHEDULE [r. 11]

CLAIMS FORM INSTRUCTIONS

EIGHTEENTH SCHEDULE [r. 11]

RELATIONSHIP CODES

History of this document

25 August 2023 this version

31 December 2022

05 February 2016

Related documents

Is amended by

Cited documents 2

Act 2

Documents citing this one 0