Losing contact with a customer is something that can happen at any financial institution anywhere in the world. The bank accounts or financial products that have not been accessed for a long time, there has been no activity on them, or it is impossible to trace the original owner or heir are considered dormant accounts.
The financial institutions have internal procedures for managing dormant accounts. However, by partnering with WIOLP, these institutions greatly enhance their processes.
WIOLP offers a centralized platform that enables financial institutions to efficiently disclose information about dormant accounts, making it easier for rightful owners or heirs to locate and claim their unclaimed assets.

Financial institutions are legally obligated to make reasonable efforts to locate the rightful owners of dormant accounts. Publishing these accounts on the WIOLP platform is a transparent way to ensure that assets are returned to their rightful owners or heirs.

The exact number of dormant accounts varies across countries and financial institutions. However, it’s estimated that hundreds of billions of dollars worth of unclaimed assets exist globally.

The frequency of new accounts being published varies depending on the specific financial institution and jurisdiction. Generally, new accounts are added to the platform periodically, often on a monthly or quarterly basis.

If no legitimate claim is made within a specified timeframe, the unclaimed assets are typically transferred to the government or a designated state fund. The specific rules and regulations regarding the transfer of unclaimed assets vary by jurisdiction.

To ensure that only legitimate claims are recognized, financial institutions have implemented verification processes. These measures are designed to confirm that only rightful owners or heirs can claim dormant accounts. The process may involve verifying identities and reviewing relevant documentation, such as passports or certificates of inheritance. These documents are submitted directly to the financial institution.

Once the claim is received, the institution verifies it according to the applicable legal and contractual provisions for each individual case. For legal entities registered in the commercial register, a certificate of registration is required. If such registration does not exist, alternative documentation, such as articles of association, a deed of foundation, or a similar document, must be provided.

In some cases, it may still be possible to claim the assets, but the process can be more complex and time-consuming. Claimants may need to petition the government or relevant authorities to recover the funds. However, the specific procedures vary by jurisdiction.

The success rate can vary depending on various factors, such as the specifics of the account, the complexity of the case, the availability of documentation, and the diligence of the claimant. While there’s no definitive statistic, many individuals have successfully reclaimed their inheritance through the WIOLP platform. Notably, an authorized individual has been identified for approximately every twentieth dormant account.