Two bankers: aiming to protect against behavior outside its jurisdiction

Banks require a "release of liability" from damage or losses before opening a corporate account

• The banks take utmost care to maintain the guarantee of confidentiality of the accounts and to implement the instructions correctly.

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Banks operating in the country require the client to sign a document stating his discharge from the damage or losses arising from the use of fax, e-mail or sent mail, before agreeing to open an account for companies of all kinds.

On the other hand, two bankers stated that these conditions are set by banks and apply them to several cases, including the transactions that are sent by fax by the customer, as they have become old and have a high risk for the bank, stressing that the banks protect themselves from actions outside their jurisdiction, which are from It could cause financial losses or damage.

open account

In detail, a document obtained by Emirates Today from company owners who wanted to open accounts for their companies, but were surprised by the requirement to sign before any approvals, stated that the bank clarifies the cases that may result in any damage or losses, that it «includes but is not limited to Forgery and failure to broadcast or transmit that requires the use of e-mail or fax, or by a person authorized by the company.

Banks require that the customer sign the clause “Pay compensation for all responsibilities, costs, claims, losses, damages, or actual expenses, including the legal expenses and fees that may be incurred as a result of any technical failure, shortage or deficiency in e-mail or fax, or as a result of the communication system between the customer and the bank. ».

The owners of companies questioned the legality of such documents and requirements, especially in light of the almost complete dependence on electronic transactions and the accompanying risks of penetration, forgery and fraud, which require that each bank assume its responsibility to protect customers, by ensuring the correctness of the correspondence, especially if it carries with it sums of money. big.

They emphasized that they were surprised by this document, which is a complete release of the bank from any consequences arising from the exposure of a company’s account to any risk.

They called on the Central Bank to review the conditions for opening bank accounts, in a way that guarantees fair agreements for both parties, away from the compliance contracts and conditions contained in bank contracts.

Fax severity

On the other hand, the banking expert, Awatef Al-Harmoudi, explained that “these conditions are set by banks and applied to several cases, including transactions that are sent by fax by the customer, given that the transaction through the latter has become old and has a high risk for the bank, involving The possibility of manipulation, given the length of time between the bank’s receipt of the original documents sent by fax, and verification and conformity with them.

It indicated that because of this, banks require the customer to sign a document that disclaims their responsibility in the event that they receive instructions or data from fax numbers that he previously recorded or e-mail address, or other details that the customer registered in advance with the bank, as the main means of communication with him. And send documents and papers through it.

Al-Harmoudi added: “The bank’s responsibility is to ensure that only the registered addresses are correct, even if the addresses are misappropriated or tampered, or misuse of these addresses by other external parties. Here, the customer is fully responsible, because he is required to maintain the confidentiality of his bank information.”

She explained that «if the customer does not agree to sign these conditions, he must carry out all his transactions by visiting the branches», indicating that «if the customer takes all precautions to protect his bank data, the bank in return takes utmost care to maintain the guarantee of the confidentiality of accounts. And implement the instructions correctly ».

The scope of competence

For his part, the banking expert, Mustafa al-Rikabi, said that “banks protect themselves from actions outside their jurisdiction that may cause financial losses or damage, but usually all the important instructions, whether by transferring money, cashing checks, or stopping dealing with people The banks verify with the customer through direct contact, ”indicating that banks usually appoint an employee in charge of each company or group of companies, whose task is to follow up on the details of banking transactions accurately and in detail.

He continued, "On the other hand, the customer must make sure that all the instructions that come out through the addresses registered with the bank are correct."

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