The Central Bank of the United Arab Emirates urged all banks and financial companies operating in the United Arab Emirates to stop all bank cards, whether ATM or credit card, or to conduct direct debit transactions for customers who did not register their data using the card of the UAE after February 28, 2019.
In his circular No. 256/2018, he finally sent the banks that he had sent 10 circulars (indicating their numbers and dates) on the need to use the UAE identity card in the transactions of individuals, an official document to prove the identity of the resellers. For loan transactions and other facility requests.
The central chapter of banks and financials is the step to be followed to facilitate the completion of the update of customer records, the first is to stimulate customers through all possible means and means, including appropriate media campaigns, to update their files with identity data until February 28. 2019 to be noted in media campaigns that failure will result in the inability to use ATM cards to withdraw funds, or conduct direct debit transactions, as well as suspension of credit card transactions after the date of February 28, 2019.
The second procedure, according to the circular, is to stop cash withdrawals from ATMs, to stop direct debit transactions and credit card transactions after February 28, 2019 until the required update (pause cards only). UAE identity data for the specified period.
In its circular, the central bank stressed that the temporary suspension of bank cards should not affect the possibility of withdrawing money from the account directly at the Bank's counter, or charging fees, rebates or other obligations as a result of the temporary suspension of the cards. Or credit cards.
It is noteworthy that the circulars of the previous "Central" did not include any similar procedures for temporary suspension of cards, as was limited to banks claim that the need to urge dealers to update the data.