UAE – Mubasher: The Central Bank of the UAE (CBUAE) has issued the dormant account regulation to protect the funds of dormant customers in all banks operating in the UAE.
The regulation ensures that funds in dormant accounts are kept safe and available whenever customers need to reclaim their funds by setting a mechanism regardless of the time period the customer was dormant, according to a press release on by the central bank on Wednesday.
Under the regulation, the funds of the five-year dormant accounts should be transferred to the CBUAE for protection, where it will remain available to be reclaimed by the dormant customer, or their legal heirs.
In this regard, the governor of the CBUAE, Mubarak Rashed Al Mansoori, noted: “Through this regulation, we aim to further reinforce the UAE’s position as a leading financial services provider in the region, as well as foster an ideal banking environment for consumers.”
A dormant account is a bank and investment account that has not had any financial activity or transaction for a long period of time.