The Qatar Central Bank (QCB) has ordered the state’s banks to provide it with basic information about their customers’ accounts as part of new measures to ensure that wages and salaries are being processed properly, it was reported.
In a circular issued by the QCB, and reportedly obtained by newspaper Al Sharq, it said the requested date did not include account balances but was limited to general information about the accounts.
It said the data should be sent to the QCB before the eighth of every month.
The newspaper said Qatar banks had started implementing the directive, which included a new deposit and direct debit system — QATCH — which handled the exchange of financial orders among local banks via a secure electronic network.
HE Abdullah Saleh Mubarak Al Khulaifi, the Minister of Labour and Social Affairs, reportedly recently said that the Ministry was working with the Ministry of Finance and QCB to introduce a wage security system that ensured the direct transfer of workers’ salaries to their bank accounts, The Peninsula Qatar reported.
“The wage transfer will be closely monitored every month,” the Minister was quoted as saying.
Under the new policy companies are required to open bank accounts for workers irrespective of how much they earn.
Once fully implemented, cash salary payments will be banned.
The QCB, which will oversee the system, said it would work with banks on implementing the wage security system.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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