There are no new bank accounts for the “generalized” in financial cases

A banking source confirmed to «Emirates Today» that opening new bank accounts for the “generalized” customers by the Central Bank, given the existence of financial judicial rulings that are obligatory to implement them, is not possible, until the amounts due on the customer are paid, and the circular is raised, and thus decipher the ban imposed on its dealings with banks.

The source’s statements, which preferred not to be named, came in comment on complaints received by «Emirates Today» related to the lack of approval of banks to open new accounts for dealers who have accounts in other banks, given the presence of a “generalization” from the Central Bank in implementation as a result of financial judicial rulings.

The source pointed out that the “circular” is a action taken by the central bank, in implementation of a decision issued by the judicial authorities, to restrict or freeze the accounts of individuals or companies, due to financial violations, or the implementation of judicial rulings.

He added: «Usually the circular to all banks is issued to search for any balances of the customer issued against him the ruling on a financial judicial implementation, so that the balances are reserved to fulfill the amount required directly if the accounts are available in the accounts, but if the accounts are without assets, or that their assets are not sufficient, then they are negative at the value due. According to the legal status of the customer, the nature of the issues implemented in this regard.

The source continued: “The customer is placed in the monitoring lists, so that all financial transactions on its accounts become known to the central bank, and it is not raised from these lists unless the financial provisions are paid on it.”

He said: «In general, if the customer is generalized due to financial cases, or the implementation of judicial rulings, then opening a new bank account is very limited or not, until the circular is raised or the legal status is settled.

The banking source advised the dealers who have these cases in three important steps, the first is to communicate with the bank in which the circular was done to know the details and procedures required to raise the circular, then settle the legal status, meaning that the customer must settle financial cases or implement suspended judicial rulings, while the third step is to request the lifting of the circular, stressing that this step takes place after the financial situation is settled, so that a request can be submitted to the central bank to raise Circular, which allows the ability to open a new customer account.