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Financial institutions engaged in retail payment systems should establish an appropriate risk management process that identifies, measures, monitors, and limits risks.

The FDIC is issuing the attached guidance that describes potential risks associated with relationships with entities that process payments for telemarketers and other merchant clients. These types of relationships pose a higher risk and require additional due diligence and close monitoring. This guidance outlines risk management principles for this type of higher-risk activity. 

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​Unclaimed pro​​​​​perty audits continue to ramp up, as more third-party audit firms jump into the marketplace. Audits are getting more in-depth and covering additional property types, affecting general ledger, securities, payroll, gift cards, and more. ​

Unclaimed property is a complex area and developing guidelines to ensure compliance is the key to identifying small challenges before they become substantial problems. Too often, companies only consider developing formal policies and procedures (or dusting off older, outdated versions) when faced with the prospect of an unclaimed property audit.