Regulatory Alerts2018-12-27
National Bank of Rwanda Regulation on Management of Dormant and Closed Accounts
The National Bank of Rwanda issued this regulation to establish standardized management procedures for dormant and closed accounts held by deposit-taking institutions and e-money issuers. It mandates financial entities to implement identification systems, notify account holders of dormant or closed status, and restrict fee levies to accounts with sufficient balances while prohibiting reactivation charges. The framework further requires quarterly reporting to the Central Bank and the transfer of unclaimed funds exceeding five years to the state treasury.
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