I've closed my UAE account last year and I now would like to open account in that same bank I closed. Does the data and documentation I provided is still there, or I would need to go through due diligence from scratch?
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Data Retention
- Thread starter liroyb
- Start date
1) The data and documentation are still there, it is because of AML/CTF => KYC regulations.
2) Whether the bank will be willing to re-use it, respectively, to what extent, it is on their sole discretion.
3) (2) will depend a lot on circumstances related to the account closure. If it was a friendly good-bye e.g. because you just had not needed the account, then I would expect just some moderate renewal, simply what has changed. If it were because you had been asked for a documentation to a certain payment and you did not provide it, then...
2) Whether the bank will be willing to re-use it, respectively, to what extent, it is on their sole discretion.
3) (2) will depend a lot on circumstances related to the account closure. If it was a friendly good-bye e.g. because you just had not needed the account, then I would expect just some moderate renewal, simply what has changed. If it were because you had been asked for a documentation to a certain payment and you did not provide it, then...
1) minimum 10 years
2) yes they are required by law to store all information also for rejected accounts
2) yes they are required by law to store all information also for rejected accounts
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