UAE Central Bank to update dormant accounts

The Central Bank of the United Arab Emirates has decided to expand the dormant accounts system to include all licensed financial institutions, along with implementing new procedures for communicating with inactive account holders and transferring unclaimed funds to the bank for safekeeping until they are claimed. This development aims to protect dormant balances and facilitate their recovery by clients or their legal heirs, with the concept of a "dormant customer" being defined as someone who holds balances without activity or contact information and is free of legal disputes or legal restrictions.

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