Emrich Israel Company Launches Beneficiary and Heir Research Services for Financial Institutions
Financial Institutions – which include pensions, insurance companies, banks and others – are obligated by law to attempt in due diligence to find lost account holders, beneficiaries and their heirs. In recent years, two class-action lawsuits were filed against financial institutions for billions of Shekels (NIS) for not complying with this requirement. Now such companies will be able to utilize services of Emrich Israel for their regulatory compliance.
Emrich Israel, the Israeli branch of Erben-Ermittlung Emrich in Germany, specializing in genealogy and probate research, is expanding its operations in Israel and is launching new services designed specifically to help financial institutions. These institutions are required by law to notify account holders, beneficiaries and their heirs about sums of money that have been forgotten in the company’s accounts. This requirement derives from the Oversight Regulations of Financial Services (Pension Funds) (Locating of Members and Beneficiaries) 2012, requiring institutions to perform these attempted locations with “reasonable diligence”.
“Sometimes situations occur in which connection is lost with the account holder or beneficiary. For example, when an account holder passes away or changes address without notifying the institution. Sometimes the account holder forgets that money was deposited somewhere or the heirs are not even aware that it was. Both the law and the customers expect the institutions managing their money to show reasonable diligence in attempting to notify them of these forgotten funds. That having been said, these institutions are not equipped to perform such research, especially after years have passed and the search becomes “historical”. Emrich Israel has the experience, knowledge and tools required, and we are interested in offering them to financial institutions so to help them meet regulatory compliance”, said Mr. Elad Yakobowicz, Director of the company in Israel.
The company has announced that it has already performed a pilot project with one of the financial institutions which was met with great success.
About Emrich Israel:
Emrich Israel is the Israeli branch of the Erben-Ermittlung Emrich Group in Germany. The company is a probate research firm founded in 2003 by Mr. Thomas Emrich and employs over 100 individuals, including historians, archivists, investigators, genealogists, legal experts and business advisors, spread across multiple countries. The Israeli branch was formed in 2013 to help and support the German office with claims filed with the Conference on Jewish Material Claims Against Germany. Today, in addition to probate research, the Israeli branch – Emrich Israel – offers: genealogy for families and individuals, support in finding and producing documents from abroad, support in claiming foreign citizenships and passports, and more.