Section 72: Unclaimed Funds or Abandoned Property.

(1) Where a current or savings account has not been operated for a period of one year or such other period as the Bank may specify, from time to time, no withdrawal shall be made on the account except with the approval of two authorised signatories of the bank, specialised bank or other financial institution involved.
(2) The account referred to in subsection (1) shall be transferred to a separate register of dormant accounts and remain deposit liabilities in the books of the bank, specialised bank or other financial institution, and the bank, specialised bank or other financial institution shall immediately notify the account holder by electronic email and in writing at the account holder's last known address, informing him of the dormancy of the account.
(3) Where an account which is transferred under subsection (2) is subject to a service charge, the charge may continue to be levied up to the date on which the account was transferred to the register of dormant accounts.
(4) Where an account which is transferred under subsection (2) is interest bearing, interests shall be applied to the account up until the time when the balance is transferred to the Bank in accordance with subsection (8).
(5) Where an account is transferred to the register of dormant accounts and has been on the register for 10 years, the bank, specialised bank or other financial institution shall advertise, in at least two daily newspapers with national circulation, giving notice that the account has been transferred to the register of dormant accounts.
(6) Each bank, specialised bank or other financial institution shall submit to the Bank quarterly reports on all dormant accounts stating the efforts made by the bank, specialised bank or other financial institution to locate the account holders.
(7) An account which has been transferred under subsection (2) may only be transferred out of the register following a request by the depositor or the legal representative of the depositor, where such depositor is dead or incapacitated, once all necessary identification and evidence of account ownership have been established by the bank, specialised bank or other financial institution.
(8) Where an account has been in the register of dormant accounts for 10 years, the bank, specialised bank or other financial institution shall, after the advertisement under subsection (5), transfer the balance on the account including the interest earned to an account earmarked for that purpose at the Bank.
(9) Where a balance has been transferred under subsection (8), the Bank shall refund the balance to the depositor or, if the depositor is deceased, to the legal representative of the depositor's estate, once the Bank is satisfied that the claimant is the owner of the funds requested.
(10) The Bank shall invest the funds deposited with it under subsection (8), in treasury bills or other securities as the Bank may determine and interest accrued on any such sums shall be payable to any claimant under subsection (9).
(11) The Bank shall issue guidelines on the administration of unclaimed funds in banks, specialised banks and other financial institutions pursuant to the provisions of this Act.