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Update Emirates ID today or lose your bank access

Dubai - By the end of December 2018, there were 22 national banks, 38 foreign banks and eight Islamic banks.

The UAE Central Bank's ruling to have Emirates ID details of all resident banking customers updated will contribute to enforcing best practice KYC (know your customer) in the financial sector and in helping banks have standardised and current identity documentation for their customers, he added.
By the end of December 2018, there were 22 national banks, 38 foreign banks (including wholesale banks) and eight Islamic banks. Among the 38 foreign banks, six are GCC banks. There were 743 branches operated by the national banks and 80 branches by foreign banks across the country.
Geoff Stecyk, chief operating officer at RAKBank, said in line with the recently circulated UAE central bank memo requesting banking and financial institutions to update their customers' personal information, RAKBank has prompted all its customers to update their details by following a few quick and easy steps using one of the bank's multiple channels like digital banking, SMS update, branches, IVR and ATMs.
"We are pleased to advise that the majority of our customers' have provided the details required under this mandate. As for the customers that may have not taken any action yet, we urge them to update their credentials as this is a central bank requirement," Stecyk said.
A Bank of Sharjah spokesperson said the bank received clarification from the UAE Banks' Federation that the validity date of an expired Emirates ID is not required.
"On February 25, Bank of Sharjah received clarification from the UAE Banks' Federation regarding the CBUAE circular 265/2018 regarding of updating customer records with UAE ID numbers. The clarification stated that the scope of the mandate is limited to EID details and that the validity date of expired Emirates ID cards is not required. This has drastically reduced the impact of this mandate's onus, as at Bank of Sharjah, EID is mandatory upon opening an account," the spokesperson said.
Wasim Saifi, deputy CEO for consumer banking and wealth management at Emirates Islamic bank, said this ruling by the central bank will make the banking experience more transparent and safer for customers in the UAE by ensuring that banks have standardised identity documents.
"We have been actively communicating with our customers to update their Emirates ID documentation with us in order to continue enjoying a seamless banking experience. Customers can securely and conveniently use any of our ATMs, website, e-mail or call centre to update their details," he said. - waheedabbas@khaleejtimes.com