Two bankers: The Central Bank regulations require valid documents

Banks withholding "online" services from expired dealers

Some banks refuse to transact without the updated ID.


Banks have blocked their internet banking services (online), as well as smart phone applications, for customers whose residency has expired, until they provide the banks with which they deal with a copy of the renewed residency and ID card.

Dealers confirmed to "Emirates Today" that banking services "First" will be withheld from them, because their residencies have expired.

Some of them indicated that they left their work and are looking for a new one, while others indicated that there was a delay in the procedures for renewing their residency, as a result of a shortage of the required papers. Or, make money transfers via smart apps.

Service and risks

In turn, the banker Khaldoun Ismail said that, based on the regulations issued by the Central Bank, all banks must maintain valid identification documents and information for their clients at all times.

He emphasized that this matter helps banks to know and understand the dealers and their financial dealings, to be able to serve them better, and to manage risks more wisely.

Ismail added that banks do not usually block services without notifying the customer through text messages, via his e-mail, and sometimes even directly contacting him, and they give him a period of a month to finish renewing his papers and providing the bank with them.

Documents request

For his part, banker Mustafa Ahmed said that the "Know Your Customer" initiative issued by the Central Bank required banks to continuously request documents from individual dealers, explaining that these documents are the latest Emirates ID card, passport, residence visa, in addition to Proof of residency in the UAE (utility bills or other bank account statements for the last three months), and a personal tax compliance declaration form, for foreign accounts.

He added that the banks start reminding the customer as soon as his residency expires, and informing him sufficiently that services will be cut off if he does not present his papers and updated documents, pointing out that the blocking of services begins with the first services, then the ATM card is stopped, and here the customer is forced to review The branch is in everything it wants to do.

He explained that some banks refuse to deal except with the updated identity, or what indicates its renewal, such as the renewal receipt.

Ahmed stressed the importance of every customer making sure to update his data periodically, and not delaying the renewal of his identity papers, such as residency, ID, and passport, in order to avoid cutting off or blocking his banking services.

He said, "Once the bank is provided with the renewed documents, the service will be restored within 48 hours at the latest."

The “Know Your Customer” initiative issued by the Central Bank requires banks to continuously request documents from individual dealers.

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