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UAE Central Bank develops new framework for dormant accounts and unclaimed funds
Summary by Emirates24|7
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UAE Central Bank develops new framework for dormant accounts and unclaimed funds
Abu Dhabi: The Central Bank of the United Arab Emirates has announced the development and expansion of a system regulating dormant accounts and unclaimed funds, extending its scope to include all licensed financial institutions, including banks, finance companies, exchange houses and insurance firms.In a circular, the Central Bank said the updated system obliges institutions to make reasonable efforts to contact eligible beneficiaries, while doc…
·Dubai, United Arab Emirates (the)
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