Regulatory Alerts2018-04-15
Locating Dormant Deposits and Deceased Persons’ Accounts Project
The Supervisor of Banks issued this directive to establish an online platform enabling customers and heirs to locate dormant deposits and deceased persons' accounts. The regulation mandates that banks display dedicated web pages, appoint specific Customer Enquiries Officers, and implement identification procedures for sharing account information or facilitating fund withdrawals. It further specifies operational requirements for small-balance withdrawals, account deletion requests, and telephone-based agreements to streamline access to these funds.
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