The UAE Central Bank on Wednesday said it is mandatory for banks to obtain and verify details of their customers before opening any account.
The move is aimed to strengthen the country’s anti-money laundering regulations.
Emirates News Agency (WAM) said amendments will be made in the text to the some of the articles in its Circular No. 24/2000 which makes it binding for banks to obtain information and necessary documents such as the full name of the account holder, current address and place of work and the physical checking of the UAE ID card or the passport.
The account opening officer also needs to keep "true copy of the original" by putting his/her initials on it.
It strictly prohibits banks from opening accounts with assumed names or numbers, WAM said, adding banks should always rely on the account holder’s name as in the UAE ID card/ the passport or the trade licence in case of juridical persons.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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