BC-4.20.8
(a) Allow electronic and manual transfers to the account;
(b) Accrue profit in respect of profit-bearing accounts at rates depending on the terms of the contract between the bank and the customer;
(c) Ensure only fees or expenses permitted by CBB is charged, provided, however, that no fee is charged when the account balances become zero;
(d) Ensure that an account is closed within six months from the date the account becomes dormant and its balance becomes zero following which, a closure notification is sent to the customer by mail, e-mail or other communication channel;
(e) Make attempts to periodically contact the customer through different communication means and such attempts must be documented;
(f) Ensure that the movements in dormant accounts are monitored to ensure that such accounts are not being used for money laundering or fraudulent purposes by internal or external parties;
(g) Licensees must ensure that any movement in dormant accounts is subject to principles of “four-eyes” or “maker and checker” involving at least one authorised signatory of the licensee ; and
(h) Ensure that changes in respect of the dormant accounts, including movement in balances, change of customer contact details, status etc. are subject to internal audit every six months.
Added: January 2022