UFAA Compliance Audits

Agriculture equipment manufacturer AGCO worked with Execor to automate decarbonization cost curve building and planning efforts using the Catalyst Zero tool.

90%
Increased by 150% within 18 months after implementing our strategic plan.
300K
Emission data points in Catalyst Zero’s IP

Assignments

1.Unga Group PLC
2. Pioneer Insurance Company
3. USIU Africa
4. Carbacid Investment PLC

Background:
The Unclaimed Financial Assets Authority (UFAA) mandates Kenyan organizations to declare and remit unclaimed financial assets. BenKim Associates was contracted to audit several high-profile corporates to verify compliance and accuracy of submitted reports.

Challenges

  • Identifying dormant accounts, uncashed dividends, and unclaimed payroll balances
  • Ensuring timely and accurate reporting to UFAA
  • Mitigating risks of penalties for non-compliance

Our Approach

  • Conducted comprehensive compliance audits of all unclaimed financial assets
  • Validated reports submitted to UFAA for completeness and accuracy
  • Recommended process improvements for ongoing compliance
  • Provided advisory on handling future unclaimed assets efficiently

Results

  1. Confirmed entities’ full compliance with UFAA regulations
  2. Prevented potential fines and regulatory penalties
  3. Enhanced internal controls to track and report unclaimed assets effectively

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