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Effective from 2025-01-24 - Jan 23 2025 To view other versions open the versions tab on the right
(1)
An electronic wallet is considered inactive if it falls under one of the following categories:
(a)
Dormant Electronic Wallet: An electronic wallet on which the customer has not performed any transaction for twelve calendar months (one year).
(b)
Unclaimed Electronic Wallet: An electronic wallet on which the customer has not performed any transaction for twenty-four calendar months (two years).
(c)
Abandoned Electronic Wallet: An electronic wallet on which the customer has not performed any transaction for sixty calendar months (five years).
(2)
Inactive electronic wallets are managed as follows:
(a)
Inactive electronic wallets are subject to the supervision of senior management to ensure dual oversight in accordance with policies established for this purpose.
(b)
The company must contact the customer in accordance with the policy set by the company for this purpose.
(c)
If electronic wallets become unclaimed, the funds in them must be transferred to a dedicated aggregate account for such wallets.
(d)
Abandoned electronic wallets are placed under the supervision and oversight of the Chief Executive Officer and the Compliance Department.
