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UAE: Circular from the Central Bank to all banks operating in the country
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The Central Bank has asked banks operating in the country to provide it with the data of bank account holders to whom checks are returned.

The Central Bank has asked banks operating in the country to provide it with the data of bank account holders to whom checks are returned, through a mechanism that will soon be sent to work when the check dealing amendments enter into force on the second of next January.

The Central Bank clarified in a circular that the banks should send the account holder’s data in any of the following cases: If the check does not have a sufficient payment in consideration that exists and is withdrawable on its due date, if the drawer recovers after issuing the check in exchange for its fulfillment so that it cannot be cashed, and if the The bank has partially paid the check.