Which regulatory provisions apply when an AFSL wants to release the long outstanding creditor balances, if the client is not contactable or does not respond within a specified date following written notice? Can AFSL transfer such funds to a public trust maintained by a state?
We assume you are asking about unclaimed money by a client and what can be done about that money. It must first be ascertained whether the amount is classified as unclaimed money. If there is reason to believe that the owner wishes for the business to continue holding the amount, it will not be unclaimed.