Ernst & Young LLP (EY) announced today that Darren Jackand the professionals from AssetMine have joined EY. Jack, the founder of AssetMine, and his team focus on locating and recovering unclaimed property utilizing proprietary technology coupled with tailored database processes. EY is acquiring the assets of AssetMine Global Inc. and AssetMine SEZC.

"As industry leaders, the AssetMine team's experience and technology will make us even more effective and efficient at helping our clients locate and recover unclaimed property," said Kate Barton, EY Americas Vice Chair - Tax Services and EY Global Vice Chair - Tax Services, Elect.

"Adding AssetMine's database, technology and resources allows us to offer clients more comprehensive services within our integrated global unclaimed property services," said Brad Withrow, EY Americas Indirect Tax Practice Leader.

Hundreds of federal, provincial and state governments around the world currently hold more than $100 billion in unclaimed money and other property. Assets recovered include dormant bank accounts, insurance proceeds, uncashed payroll or vendor checks, stocks, bonds and other securities and other assets.

Unclaimed property laws are complex, with different requirements for each country and state. Dormancy periods for many types of assets are decreasing, resulting in narrow time frames for rightful owners to claim their assets before the funds are escheated to the government.

"Each legal jurisdiction has its own due diligence requirements, reporting requirements and enforcement in addition to its own authority to dictate which property types the holders are required to report and how long property can stay dormant until it is considered unclaimed," said Jack. "Our team's focus has been dedicated to locating and recovering lost assets, and we look forward to helping EY clients in this important area."

"We are excited about recovery as our deep state relationships can be leveraged to help recover assets for our clients and provide value within their unclaimed property function," said Robert Bazata, Indirect Tax – Unclaimed Property and Escheat Services Leader, Ernst & Young LLP.

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