Owings Mills, Md. — Chesapeake System Solutions Inc., an Owings Mills, Md., provider of integrated financial governance, risk and compliance software solutions, reports that it is offering outsourced unclaimed property compliance services to assist firms in mitigating the risk of noncompliance with state laws. This new service leverages Chesapeake’s expertise in developing and licensing the premier unclaimed property management application on the market today—Chesapeake’s Unclaimed Property Compliance System (UPCS)—as well as providing a hosted version of its UPCS solution for a number of years. Currently, more than 800 companies rely on UPCS to manage their unclaimed property function in strict compliance with the diverse rules of all 54 reporting jurisdictions.
In the current economic environment, states and territories are increasing their focus on regulatory compliance. Thus, government enforcement via audits and other monitoring activities is on the rise. Firms are finding that failure to be in compliance can be costly, especially since no statute of limitation applies to unreported property. The civil penalties, criminal fines and provisions established by the Uniformed Unclaimed Property Act can be substantial for firms who fail to report or report inaccurately.
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