Banks closed the bank accounts of local exchange companies, without giving reasons
Date Published: Friday, January 10, 2014
Mustafa Abdel Azim (Dubai) - directed banks operating in the State messages to the local exchange companies to close their bank accounts without giving reasons, according to Osama Al Rahma, head of a group of banking institutions and money transfer.
The Al Rahma that the closure of the banks of the bank accounts of the exchange companies, without giving convincing reasons or without reference to the Central Bank, violating the instructions explicit addressed by the central bank to banks in a circular issued in May 2011, not to the feet of the banks to close the bank accounts of the exchange companies without reasons, or before getting the prior approval of the Central Bank.
He said in a statement to «Union» that number, unspecified, of the exchange companies expressed alarm at the actions taken by the banks on its bank accounts, and that through the work of the General Assembly last group, pointing out that this procedure would push companies to stop, and opens the way for Work illegal channels, especially because there is no alternative for companies to operate only through banking channels.He confirmed that a group of banking institutions and financial transfer is not opposed to any decision to close the bank accounts of any company or Renegade banking rules followed, stressing that it should not generalize this procedure on all the companies as a result of mistake or negative performance of a company.
He called Al Rahma to the need for discussion between the banks and exchange companies under the umbrella of the Central Bank to discuss the action, which he described as «collective punishment» from banks to exchange companies, and access to satisfactory solutions, stressing that the exchange companies can not work without the banks or the existence of legitimate channels other alternative .
He explained that the bank accounts of the exchange companies constitute the official channel them to convert to other banks around the world, and is characterized by the ability to see the path of the conversion process with all the clarity and transparency, also serves as an important channel for regulators domestically and internationally.
Furthermore, said a banking source, who preferred anonymity, the commitment of banks, the terms of dissemination of the central bank on the closure of the accounts of exchange companies, but he did not deny at the same time a number of banks to close such accounts for operational reasons purely, if the account is not profitable for the private bank, In addition, the accounts where transactions exceeding high operating costs that must be covered by operating revenues occasion.
The source explained that some banks aim behind this procedure is to move away from the circle of risks arising from financial transfers.
And confirms the circulation of the central bank, got «Union» a copy of it, the importance of the role played by exchange companies in the national economy and the financial system in the country, stressing the need to be based on any decisions to close the bank accounts of the exchange companies, or associated with, the reasons are acceptable, as well as Bank for prior approval by the Central Bank.
He suggested Al Rahma to be an open discussion under the control and supervision of the central bank, the regulatory and supervisory and regulatory, in the presence of officials of the departments of control and discipline on both sides, and listen to the observations and different visions about the problem, in order to avoid any negative repercussions fall on any of the parties, and stated that the exchange companies eager to the development and performance of their operations and comply with all instructions and regulations laid down.
He pointed out that the likelihood of errors contained in any activity, and that the exchange companies, a subsidiary of banking, working internally to avoid repeating mistakes, through intensive training programs, where the group has trained about 700 employees during the first half of the year 2013, as well as holding several workshops work in collaboration with the Central Bank and international companies, to gain access to the application of best practices in the banking sector in the country.
The Al Rahma it does not have to correspond to the evolutionary efforts exerted by the exchange companies to promote their work, which is praised by international financial institutions and companies scrutiny neutral, mono action by the banks, which is the main partner for the work exchange companies.
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Date Published: Friday, January 10, 2014
Mustafa Abdel Azim (Dubai) - directed banks operating in the State messages to the local exchange companies to close their bank accounts without giving reasons, according to Osama Al Rahma, head of a group of banking institutions and money transfer.
The Al Rahma that the closure of the banks of the bank accounts of the exchange companies, without giving convincing reasons or without reference to the Central Bank, violating the instructions explicit addressed by the central bank to banks in a circular issued in May 2011, not to the feet of the banks to close the bank accounts of the exchange companies without reasons, or before getting the prior approval of the Central Bank.
He said in a statement to «Union» that number, unspecified, of the exchange companies expressed alarm at the actions taken by the banks on its bank accounts, and that through the work of the General Assembly last group, pointing out that this procedure would push companies to stop, and opens the way for Work illegal channels, especially because there is no alternative for companies to operate only through banking channels.He confirmed that a group of banking institutions and financial transfer is not opposed to any decision to close the bank accounts of any company or Renegade banking rules followed, stressing that it should not generalize this procedure on all the companies as a result of mistake or negative performance of a company.
He called Al Rahma to the need for discussion between the banks and exchange companies under the umbrella of the Central Bank to discuss the action, which he described as «collective punishment» from banks to exchange companies, and access to satisfactory solutions, stressing that the exchange companies can not work without the banks or the existence of legitimate channels other alternative .
He explained that the bank accounts of the exchange companies constitute the official channel them to convert to other banks around the world, and is characterized by the ability to see the path of the conversion process with all the clarity and transparency, also serves as an important channel for regulators domestically and internationally.
Furthermore, said a banking source, who preferred anonymity, the commitment of banks, the terms of dissemination of the central bank on the closure of the accounts of exchange companies, but he did not deny at the same time a number of banks to close such accounts for operational reasons purely, if the account is not profitable for the private bank, In addition, the accounts where transactions exceeding high operating costs that must be covered by operating revenues occasion.
The source explained that some banks aim behind this procedure is to move away from the circle of risks arising from financial transfers.
And confirms the circulation of the central bank, got «Union» a copy of it, the importance of the role played by exchange companies in the national economy and the financial system in the country, stressing the need to be based on any decisions to close the bank accounts of the exchange companies, or associated with, the reasons are acceptable, as well as Bank for prior approval by the Central Bank.
He suggested Al Rahma to be an open discussion under the control and supervision of the central bank, the regulatory and supervisory and regulatory, in the presence of officials of the departments of control and discipline on both sides, and listen to the observations and different visions about the problem, in order to avoid any negative repercussions fall on any of the parties, and stated that the exchange companies eager to the development and performance of their operations and comply with all instructions and regulations laid down.
He pointed out that the likelihood of errors contained in any activity, and that the exchange companies, a subsidiary of banking, working internally to avoid repeating mistakes, through intensive training programs, where the group has trained about 700 employees during the first half of the year 2013, as well as holding several workshops work in collaboration with the Central Bank and international companies, to gain access to the application of best practices in the banking sector in the country.
The Al Rahma it does not have to correspond to the evolutionary efforts exerted by the exchange companies to promote their work, which is praised by international financial institutions and companies scrutiny neutral, mono action by the banks, which is the main partner for the work exchange companies.
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