1. If an account remains dormant for a period of 5 years from the date of the last transaction on the account, the Bank must transfer the net amount to “Unclaimed Balances Account - Dormant Accounts” at the Central Bank. This is provided the customer has no other active accounts with the same Bank and provided the current address of the owner of the account is unknown.
    
2. If a bankers cheque, bank draft or cashier order remains unclaimed for a period of 5 years from date of issue, the Bank must transfer net amounts pertaining to these instruments to “Unclaimed Balances Account - Dormant Accounts” at the Central Bank.
    
3. Banks must close dormant accounts after transfer to Central Bank, however account related documents must be preserved in accordance with Article (3) of this Regulation.
    
4. If receivables of a dormant Safe Deposit Box remain unclaimed for a period of 5 years from the date of the last transaction on the account, the Bank must transfer the net amount (after deducting charges, if any, in accordance with Article 3) to “Unclaimed Balances Account - Dormant Accounts” at the Central Bank.
    
5. Any unclaimed balances in foreign currencies must be converted as of date of transfer at the Bank’s published customer rates, before transfer to the Central Bank. Customers will be reimbursed this AED equivalent amount on reclaim.
    
6. Banks must transfer all dormant account funds balances to the Central Bank in accordance with this article, irrespective of the size of the residual fund balance.
    
7. Banks should use the following form titled “Movement in Dormant Accounts - Deposits and Withdrawals” to record fund movements to and from “Unclaimed Balances Account – Dormant Accounts”. Banks should use the formats provided in guidelines from the Central Bank for withdrawing funds from the said account at the Central Bank, if the customer approaches the Bank for withdrawal/re-activation of the account.

Movement in Dormant Accounts – Deposits and Withdrawals

8. The settlement of customer claims on dormant accounts shall be carried out post receipt of relevant funds from Central Bank.
    
9. Direct debits, manager’s cheques and cashier orders transferred to the Central Bank, when presented for clearing must be put on hold, pending receipt of such funds from the Central Bank. The process of verification of such instruments must be in accordance with the UAE legal framework and Banks’ policies and processes in relation to these instruments.