Advice needed for replying to KYC inquiry from UAE bank

[RMerkle]

I'm an ex-client of Fred (DLS Dubai) and I have a business bank account with Emirates Development Bank.

Recently I received an automated KYC inquiry from the bank and I'm feeling unsure how to reply. My nominal trade license is for e-commerce but I haven't had any real business activity yet, though I have done some transfers back-and-forth between EDB and my other local business account.

I assume I have these three options now:

1) Explain the situation to EDB in a separate letter: I haven't gotten my business off the ground yet, so I don't have any "major suppliers" or "major customers" to disclose in the KYC form. Not sure if they might decide to close my account as dormant in this case?

2) Put some fake information to the KYC form as "major suppliers" or "major customers", and hope that nobody pays attention or asks for proof. But I'm supposed to fill out "country of incorporation" for my "major customers" - which doesn't make much sense since this company is supposed to be a B2C dropshipping operation.

3) Panic mode: close the EDB account myself and hope they will not contact me any more.

I would be happy to purchase some consulting to keep this account open. Can any forum member help me or does anyone have any relevant connections?

Thanks in advance!

 

[boomy]

If 3 (Panic mode) is an option I would of course try 1 - if they close the account you are at point 3 anyway!

 

[Martin Everson]

For major suppliers can you not put the dropshipping companies you will get goods from? For major customers explain its general public i.e B2C and that your still awaiting sales.

Worst case they will close your account if a human reviews your response. Best case its a tick box exercise and no one is verifying what you enter. But I would personally not lie.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.