s.7Transfer and vesting of monies in dormant accounts
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Section 7Part 0 —

Transfer and vesting of monies in dormant accounts

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Subject to subsections (3) and (4) and sections 5(4), 6(7) and 15, if a transaction referred to in section 4(1) is not effected on a dormant account on or before the date specified in section 5(1)(c) or 6(2)(c), as the case may be, the account provider shall, not later than 31st March next following, transfer to the Government the monies held in the dormant account.
The monies, and any related rights and obligations, transferred to the Government from a dormant account by an account provider under subsection (1), shall, subject to section 9, vest in the Government.
An account provider that transfers monies from a dormant account to the Government under this section shall, at the time of the transfer, submit to the Minister and to the Monetary Authority, a report, in the prescribed form, specifying —
the total amount of monies transferred;
the total number of the dormant accounts;
the amount of each dormant account transferred;
(where known) the name, date of birth and last known address of each dormant account holder; and
any other details that would enable the dormant account holder to be identified.
The monies transferred from a dormant account to the Government under this section shall be the ledger balance on the date of transfer.
An account provider that does not hold any dormant accounts to which subsection (1) applies shall submit a report to that effect to the Minister and to the Monetary Authority, in writing, not later than 31st March in each year.
Subject to subsection (7), an account provider shall submit a certificate of compliance in the prescribed form to the Minister and to the Monetary Authority, not later than 31st March in each year, stating, if this is the case, that the account provider has complied with this Law in respect of the following —
the notification procedure under section 5 or the publication of a notice under section 6;
in the case of an account provider that holds dormant accounts to which subsection (1) applies, the transfer of monies from such dormant accounts to the Government under that subsection and the submission of a report to the Minister and the Monetary Authority under subsection (3);
in the case of an account provider that does not hold any dormant accounts to which subsection (1) applies, the submission of a report to that effect to the Minister and the Monetary Authority under subsection (5); and
the keeping and maintaining of a register in accordance with section 8.
A certificate of compliance under subsection (6) shall be signed by an authorized officer and shall include any qualifications, amplifications or explanations that the authorized officer considers appropriate.
An account provider that —
fails to transfer monies from a dormant account to the Government under this section;
fails to submit a report to the Monetary Authority or to the Minister under subsection (3) or (5); or
fails to submit a certificate of compliance under subsection (6),
commits an offence and is liable on summary conviction to a fine of twenty thousand dollars.
Monies which an account provider fails to transfer from a dormant account to the Government under this section, together with any accrued interest thereon, shall be a debt due and owing by the account provider to the Government and may be recovered from the account provider in any court.
Except with the approval of the Monetary Authority, on such terms and conditions as the Monetary Authority may determine, a reduction in the amount of interest payable and charges in excess of those made in respect of comparable active accounts shall not be made by an account provider during the period of inactivity of a dormant account or at the time payment or transfer of the monies held in the dormant account is required.
In this section —
means a person authorized in writing by the account provider; and
means the monies in the dormant account on the date of transfer of those monies to the Government under this section together with any accrued interest thereon but excluding any charges that may lawfully be withheld by the account provider.

Defined Terms

authorized officerledger balance

Cross References