We use cookies and similar technologies that are necessary to operate the website. Additional cookies are used to perform analysis of website usage. By continuing to use our website, you consent to our use of cookies. For more information, please read our Cookies Policy.

Closing this modal default settings will be saved.

Central bank of UAE to provide new instructions to local banks

Owner's Profile

Staff Writer, TLR

Published on July 14, 2023, 17:40:59


Central bank of UAE to provide new instructions to local banks,Central Bank,UAE,spotlight

The Central bank of UAE to introduce the new guidance instructions to banks to protect credit and direct debit cards from fraud.

 The Circular to this effect to all banks and finance companies in the country are provided. The guidelines are to be assembled from 1st December.

Banks have to ensure their approved risk management systems and information technology controls are sufficient to detect unauthorised transactions which take place on credit and debit cards. Banks must have systems which ensure these transactions are stopped immediately before any transfers of money are made.

Further, the banks should verify their customers can access communication channels and to ensure that they can be alerted which will also help them to inform any attempts to engage in fraudulent activities on their cards.

For any enquiries or information, contact info@thelawreporters.com or call us on +971 52 644 3004