Dormant Accounts (Forms) Regulations, 2010

Summary

This is a short set of implementing regulations made under the Dormant Accounts Law, 2010 (Law 28 of 2010). Rather than creating new substantive rules, it prescribes the official forms that financial institutions must use when carrying out their obligations under that Law: a public notice of dormant accounts, a report on transferred dormant account monies, and a certificate of compliance confirming the institution's compliance with the Law. The Regulations apply to financial institutions that hold dormant accounts as defined under the Dormant Accounts Law, 2010.

• Form 1: The notice given under section 6 of the Law, listing dormant accounts and warning account holders that funds will be transferred to the general revenue of the Islands unless a qualifying transaction (e.g. a deposit/withdrawal, presentation of a passbook, written correspondence, a trust claim, or a written memorandum) occurs by 31 December following the notice.
• Form 2: The report required under section 7(3) of the Law, detailing dormant account holders and amounts transferred to general revenue.
• Form 3: The certificate of compliance required under section 7(6), by which an authorised officer certifies the institution's compliance with notice, publication, transfer, reporting, and register-keeping obligations under the Law.

In effect, this document does not itself impose new compliance duties beyond mandating the specific format for notices, reports, and certificates that the underlying Dormant Accounts Law, 2010 already requires financial institutions to produce.

Key obligations

• Financial institutions must use Form 1 (set out in the Schedule) for the public notice of dormant accounts required under section 6 of the Dormant Accounts Law, 2010.
• Financial institutions must use Form 2 (set out in the Schedule) for the report on transferred dormant account monies required under section 7(3) of the Dormant Accounts Law, 2010.
• Financial institutions must use Form 3 (set out in the Schedule) for the certificate of compliance required under section 7(6) of the Dormant Accounts Law, 2010.
• As reflected in Form 1, unless a qualifying transaction (deposit/withdrawal, presentation of passbook, written correspondence, trust claim, or written memorandum) is effected on a listed dormant account on or before 31 December following the notice, the monies must be transferred to the general revenue of the Islands without further notice.

Applies to

financial institutions holding dormant accounts

Deadlines

• 31st December next following: Deadline stated in the Form 1 notice by which a dormant account holder must effect a qualifying transaction to avoid transfer of the account's monies to the general revenue of the Islands.

Related documents

• Dormant Accounts (Forms) (Amendment) Regulations, 2010 amends this document