It is essential to update your account details to ensure uninterrupted banking services. It’s a regulatory requirement for the bank to maintain valid identity documents / information of their customers, at all times. Please note the below steps to be followed for KYC Update and to re-activate Dormant or Unclaimed Accounts.
KYC Updates: Passport; Emirates ID; Trade License Update:
- Identification document is the customer’s passport and/or Emirates ID.
- For companies, this refers to the identification document which is trade / commercial license.
- If the submitted identification document has passed its expiry date, then it’s called an expired ID.
- As part of the Bank’s regulatory requirements, it is mandatory for the customer to submit a valid passport and/or a valid Emirates ID card as well.
- Emirates ID is mandatory for UAE citizens and UAE residents. If previously submitted documents have expired, the customers are required to immediately provide updated identification documents to the Bank.
Frequently Asked Questions
| Expired ID Update | Inactive/Dormant Account Status | Unclaimed Account Status |
|---|---|---|
| Q. How can I update my ID details: A. A completed Service Request form along with the ID copies can be submitted by visiting the customer service section at the branch. Alternatively, customers can complete the Service Request form and email the form along with their latest ID copies, from their registered email ID, to kycuae@alahli.com. |
Q. What is a Dormant Account? A. A savings/current account will be classified as 'Dormant' if no transactions are made by the client for 36 consecutive months. Access restrictions and withdrawal restrictions are placed on dormant accounts to safeguard against any un-authorized activity. We recommend that you use the account regularly and perform financial transactions in order to keep your account active. |
A savings/current account will be classified as 'Unclaimed' if no transactions are made by the client for 60 consecutive months. You will no longer be able to operate your account and will need to visit the Branch to update your ID and address details to initiate the process to activate your account and reclaim the funds. Any funds available in an unclaimed account will be transferred to the Central Bank of UAE. Foreign currency account amounts will be converted to AED at the prevailing exchange rate and transferred to the Central Bank of UAE. |
| Q. How can I re-activate my Dormant Account? A. 1. Update your IDs with the Bank 2. Update your address and residence status with the Bank 3. Perform any of the below listed financial transactions on your dormant account. The transaction must be customer initiated and not done by a third-party - Deposit cash at the Branch teller counter - Withdraw cash at the Branch teller counter - Perform an outward funds transfer transaction from your dormant account - Perform an inward Funds Transfer transaction (Inward transfers must be from an account that is in the customer’s own name. Third party transfers to a Dormant account will be declined) 4. Account Re-activation can take up to 24 hours after performing a financial transaction. |
Q. How can I re-activate my Unclaimed Account? A. 1. Update your IDs with the Bank 2. Update your address and residence status with the Bank 3. Perform any of the below listed financial transactions on your account. The transaction must be customer initiated and not done by a third-party. - Deposit cash at the Branch teller counter - Perform an inward Funds Transfer (If inward, it must be from an account that is in the customer’s own name) 4. Account Re-activation can take up to 24 hours after performing a financial transaction. 5. A written signed request is required from the customer to reclaim the funds back from Central Bank. |
|
| |
Unclaimed Instruments (Manager’s Cheques/Drafts) Any instrument not presented for clearing with 1 year of issuance will be considered as an unclaimed instrument. Such amounts will be transferred to the Central Bank of UAE after 5 years (Any foreign currency instruments will be converted to AED at the prevailing exchange rate and transferred to the Central Bank of UAE). Customer has to present the original cheque along with a written signed request to reclaim the funds back from Central Bank. If original cheque not available, then a police report will be required. |