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  • Activation of Dormant Accounts

    • BC-4.20.10

      To activate a dormant account, Islamic retail bank licensees must ensure the following:

      (a) The customer provides the licensee with a written or electronic request to activate the account stating the reasons for dormancy of the account;
      (b) The customer submits updated KYC information;
      (c) Activation of the account is subject to principles of “four-eyes” or “maker and checker” / dual authority checks involving at least one authorised signatory of the licensee; and
      (d) In case of a joint account, the request for activation of the dormant account is signed by the joint accountholders authorised to operate the account unless a valid power of attorney is given.

       

      Added: January 2022

    • BC-4.20.11

      In case of requests for activation of a dormant account through electronic channels using digital signature, the Islamic retail bank licensee must check the authenticity of the request and related information, for example, through telephone or video calls, email or other measures to satisfy itself about the authenticity.

       

      Added: January 2022