Kenya - How to Claim Unclaimed Financial Assets (Claiming on Behalf of an Alive Owner)

ProcedureEdit

Apply In PersonEdit

The application for a Unclaimed Financial Assets by an agent of original owner (who is alive) is done on the prescribed Form 4D
This form can be obtained from the Unclaimed Financial Assets Authority’s website or it can be provided at the Unclaimed Financial Assets Authority’s Offices.
Once you obtain the application form, fill it and submit to the Authority, the receiving officer shall check for completeness of the form to ensure it meets the licensing requirements and register your application as received.
You are also to submit the application document together with all the required documents to the Unclaimed Financial Assets Authority’s Offices.
The evaluation team will go through the application document and after period of ninety days, the unclaimed assets will be releases to the original owner.
No fees are charges for the process
Communications on how to collect the unclaimed assets will be done through email and telephone call.

Required DocumentsEdit

Where the claimant is not the owner but is claiming as an agent on behalf of a living owner, the following are the requirements:

Completed Agent for owner claim form Form 4D duly commissioned.
Completed Indemnity agreement Form 5 duly commissioned.
An official letter received from the holder confirming remittance of unclaimed assets to the Authority
Certified copy of the claimant’s national identity card or passport.
Copy of claimant’s KRA PIN certificate.
Registered power of attorney.(Registered at the Ministry of Lands)
Claimant's bank details indicated on claimant bank details form.
One page copy of recent bank statement, current deposit slip or withdrawal slip (clearly showing account name and number) to confirm bank account details provided in item 8 above

Office Locations & ContactsEdit

Unclaimed Financial Assets Authority (UFAA),
Physical Address: Pacis Centre, 2nd Floor,
Slip Road, Off Waiyaki Way, Westlands, Nairobi
P.O Box : 28235-00200,
Nairobi Kenya
Call: 020 4023000, 0706866984, 0736559152
Mail: [email protected]
Website: Link

UFAA Claims Portal :Link

Unclaimed Financial Assets Authority (UFAA) Desk - Huduma Center Huduma Center Locations

EligibilityEdit

A claimant who is not the owner of the assets but is claiming as an agent on behalf of a living owner.

FeesEdit

The processing fee is free of charge

ValidityEdit

Validity period is forever.

Documents to UseEdit

Sample DocumentsEdit

Please attach sample completed documents that would help other people.

Processing TimeEdit

The processing time is ninety days

InstructionsEdit

Summary of instructions/steps

Visit the Unclaimed Financial Assets Authority’s offices to get the application form or download the application form and fill in the required information.
Prepare all the required documents and attach to the application form.
Submit the application form to the Unclaimed Financial Assets Authority’s Offices.
Wait for verification of application and document; and running of notice of application for a 30 day gazzetement period in the Kenya gazzete.
Upon approval you will receive communications on how to collect your asset.

Required InformationEdit

Asset code or a brief description of the asset you are claiming
Original Asset Owner’s Name
Original Asset Owner’s Identification Number and KRA PIN Number
Original Unclaimed Asset Owner’s Address as reported by the Holder
Claimant’s Name
Identification Number and KRA PIN Number
Postal and physical address
Agents Name
Agents Identification Number and KRA PIN Number
Address where you would like correspondence, including payment sent
The value of the Owner’s estate

Need for the DocumentEdit

This application allows a person who is not the owner of an assets but acting as an agent to make a claim on assets that have been presumed abandoned and have become unclaimed assets under the provisions of sections 4 to 18 of UFA Act to reclaim the assets.

Information which might helpEdit

What does unclaimed assets means?
These are assets that—

(a) have been presumed abandoned and have become unclaimed assets under the provisions of sections 4 to 18 of UFA Act.

(b) have been transferred to the Authority as unclaimed assets, and ;

(c) have been deemed under any other law to be unclaimed assets and payable to the Authority, and includes all income, dividend or interest thereon but excludes any lawful charges thereon.
Examples of unclaimed assets.

(i). Dormant accounts at banks.

(ii). Unclaimed dividends and interest earned from stocks and shares.

(iii).Unclaimed utility deposits in books of power and water companies.

(iv). Unclaimed retirement benefits at insurers at insurers and pension administrators.

(v). Unclaimed death benefits and annuities from insurance companies.

(vi). Unclaimed bail and bond money deposited in Courts of Law.

(vii).Unclaimed deposits and benefits from collapsed institutions.

(viii).Uncollected prize money e.g. from a lottery.

(ix). Travellers cheque ( 2 years from the date of issuance )
How long do different types of assets take before being considered unclaimed?

(i) Money order or similar written financial/ monetary instrument ( 2 years from the date of issuance )

(ii) Cheques, drafts or similar instruments ( 2 years after it was payable or after its issuance )

(iii) Demand, savings, matured time deposit, funds paid towards the purchase of a share, mutual investment certificate, any other interest in a financial institution ( 5 years)

(iv) Life or endowment Insurance policy or annuity contract ( 2 years after the funds become due )

(v) Assets as a result of demutualisation of an insurance company ( 2 years after the date of the demutualisation )

(vii) Deposit for utility services e.g. electricity, water, etc. ( 2 years after termination of the services )

(viii) Order by a court for refund by holder ( 2 years after it became payable)

(ix) Ownership interest ( 3 years )

(x) Assets from dissolved business entity ( 2 years )

(xi) Assets held in a fiduciary capacity ( 2 years after they become payable)

(xii) Gift certificate, gift card or credit memo/note ( 5 years )

(xiii) Unpaid wages ( 1 year after they become payable )

(xiv) Assets held in safe deposit box or repository ( 2 years after the lease or rental period on the box or repository has expired )
According to section 3-18 of Unclaimed Financial Assets (UFA) Act, 2011 unclaimed assets have to meet the following conditions:
(i) When records of the holder do not reflect the identity of the person enlisted to the assets.

(ii) When the holder has not previously paid or delivered the assets to the apparent owner or other person entitled to the assets.

(iii) The last known address, as shown on the records of the holder, of the apparent owner is in a country that does not provide by law for the escheat or custodial taking of the assets or its escheat or unclaimed assets law is not applicable to the assets and the holder is domiciled in Kenya.
(iv) Other ways that assets become unclaimed:

(a) Death

(b) Forgetfulness

(c) Poor record keeping

(d) Relocation (Regional & global)

(e) Ignorance

(f) Negligence
- Also note that assets are considered “abandoned property” when they 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.
An asset will be declared unclaimed where one or more of the following requirements are met:

(i) The records of the holder do not reflect the identity of the person entitled to the assets;

(ii) The holder has not previously paid or delivered the assets to the apparent owner or other person entitled to the assets;

(iii) The last known address of the apparent owner is in a country that does not provide by law for passage of property to the State where there is no owner or is not applicable to the assets and the holder is a permanent resident in Kenya.

External LinksEdit

OthersEdit

An asset will be declared unclaimed where one or more of the following requirements are met:

The records of the holder do not reflect the identity of the person entitled to the assets;
The holder has not previously paid or delivered the assets to the apparent owner or other person entitled to the assets;
The last known address of the apparent owner is in a country that does not provide by law for passage of property to the State where there is no owner or is not applicable to the assets and the holder is a permanent resident in Kenya.