(1) Pursuant to section 173(1)(a) of the Act a claimant shall make a claim for abandoned property, in Form 5 as set out in the Schedule, to the licensed financial institution or licensed financial holding company where the account was established.
(2) A claim under subregulation (1) must be —
(a) signed by the claimant;
(b) notarized by a Notary Royal; and
(c) supported by affidavit evidence.
(3) On receiving a claim made under subregulation (1), the licensed financial institution or licensed financial holding company shall verify that the claimant legally has rights to the abandoned property.
(4) The form under subregulation (1) must be completed in triplicate and one copy shall be retained by the —
(a) claimant;
(b) licensed financial institution or licensed financial holding company for a period of 16 years; and
(c) Central Bank for a period of 16 years.
(5) In verifying a claim under subregulation (3) the licensed financial institution or licensed financial holding company shall consider —
(a) the names and signatures of the owner and the claimant;
(b) whether the account number in the claim and that associated with the abandoned property are the same;
(c) any documentary evidence of the address of the owner on record or of the business relationship with the licensed financial institution or licensed financial holding company;
(d) any documentary evidence of legal authorization to claim the abandoned property if the claimant is not the owner; and
(e) any other document or record that the licensed financial institution or licensed financial holding company may consider substantive to the validity of the claim and the identity of the owner and the legal authority of the claimant.
(6) A licensed financial institution or licensed financial holding company on receiving a claim and after satisfying its internal requirements shall submit the claim to the Central Bank for verification before the claim is settled.
(7) The Central Bank shall verify a claim submitted to it by a licensed financial institution or licensed financial holding company and where a claim is verified the Central Bank shall credit the account of the licensed financial institution or licensed financial holding company and advise the licensed financial institution or licensed financial holding company to settle the claim.