Updating records is something that the UAE is great at. They have policies in place for record updating and they implement those policies as required.
Keeping bank records updated is very important for both the banks and the clients. Due to the enhancement of technology, there are many aspects of life that can bring harm to a person. It is necessary to take actions that ensure the security of the people.
Due to the increase in misuse of internet and technology, illegal activities have seen a rise all across the globe. Over the years, banks and clients account information have been targeted numerous times. Stolen credit and debit cards, unintentional disclosure of bank details can create legal problems for bank account holders. Illegal activities such as identity theft and fraud is a very common problem people face today. Therefore it is necessary for the clients to update their banks details in order to secure their finances.
For example, when a person makes card transactions, they are sent a message on their mobile phones that displays the transaction amount as well as the date and time the transaction was made. Another detail mentioned on the message is the account number. Therefore, if the account holder changes their mobile number, they should update the details with their banks. Otherwise their account details may get into the wrong hands.
Similarly residential details should also be updated if the account holder has moved. This is to ensure that any bank related details of the account holder are not delivered to the wrong address.
The new rule
People in the UAE will need to submit their Emirates ID to get their bank records updated if they are to continue using their debit and credit cards after February 28. This is an example of how important record keeping an updating is. This will allow the government to maintain security of people’s finances and avoid risk of financial crimes in the UAE, potentially saving millions.
This is a step by the government to update the records. People will be able to withdraw cash at the bank’s counters, but will not be able to use automated teller machines or swipe their debit or credit cards for payment at point-of-sales.
The efforts to keep the government and bank records are being made for quite some time continuously and the government has called for creation of awareness of the new requirement to update bank records with Emirates ID.
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There are strict rules and regulations that need to be followed by the new business owner, local or foreign. This is to make sure the businesses operate according to the policies established by the government. Therefore it is advised for new business owners to consult professional business consultants.
The consultancy has experts who have been in the market long enough to know what businesses require and can make company formation in Dubai easier for you. Whether it is a service for a business in Dubai like company formation or a support service like pro services or visa processing, every type of service is now part of our experts’ muscle memory and so they do it very naturally.
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