Dubai: Expatriates in the UAE are being advised to update their Know Your Customer (KYC) details with banks to prevent the cancellation of banking services and financial disruptions. As per the latest banking guidelines, failure to update personal information could result in the freezing of bank accounts and cancellation of associated cards, affecting day-to-day transactions.
Banks in the UAE have strengthened their compliance measures, making it mandatory for customers to keep their personal details up to date. The most essential documents for maintaining an active bank account include a valid passport copy, Emirates ID, and visa. If any of these documents expire and are not updated within a month, banks will suspend card services linked to the account.
For certain transactions, financial institutions may also request a salary slip from the employer. Additionally, expatriates may be required to submit a valid residency visa to continue using banking services. The UAE Central Bank has issued directives to ensure that all submitted documents, whether from locals or expatriates, remain valid.
Previously, customers could carry out transactions using a passport and a copy of a visa, along with their residential address and phone number. However, some banks have tightened their verification process and now demand additional documents such as a certified tenancy contract (Ejari) or utility bills (water and electricity) as proof of residence.
Banks emphasize that these requirements align with the Central Bank’s regulatory framework and are crucial for maintaining compliance, preventing fraud, and enhancing financial security. Customers are advised to check with their respective banks regarding the necessary updates and submit their documents on time to avoid any disruption in their financial activities.
By ensuring timely updates of KYC information, expatriates can avoid account freezes, card cancellations, and banking transaction delays, allowing them to continue their financial activities smoothly in the UAE.
