When can an account be closed?
business
account
banks
Opening a bank account in the UAE is a difficult task. If you have succeeded, you should not relax. The bank has the power to close it at any time if it deems you are in breach of the law or its internal requirements. Below we have described the most common reasons for the account to be closed by the bank.
01
When can a bank close an account?
If you do not maintain a minimum balance (between 20,000 and 30,000 USD, depending on the bank).
If you have opened an account and have not deposited money for some time (depends on the bank).
Transactions with sanctioned countries. At the moment Arab banks are processing payments to Russia, but very reluctantly. Therefore we recommend clients not to make transactions with Russia on a regular basis. It is preferable to use intermediary companies for transfers.
READ IN THE KNOWLEDGE BASE:
Article
Article
Failure to provide supporting documents for transactions when requested by the bank.
Conducting illegal transactions.
For example, money laundering.
For example, money laundering.
Inaccurate information. When opening an account with a local bank, you send a list of documents proving your identity and the source of your funds. If this information changes, for example the company changes its place of registration, you must notify the bank immediately, otherwise it may appear suspicious and your account may be blocked until they verify the circumstances.
Providing false information when opening an account.
Describe your request
Send request
We will promptly process your enquiry and propose an effective solution.
Request a call
Describe your problem and our lawyers will offer a quality solution in the shortest possible time
By clicking the button you agree to the Privacy Policy