Data Retention

[liroyb]

I've closed my UAE account last year and I now would like to open account in that same bank I closed. Does the data and documentation I provided is still there, or I would need to go through due diligence from scratch?

 

[Forester]

1) The data and documentation are still there, it is because of AML/CTF => KYC regulations.

2) Whether the bank will be willing to re-use it, respectively, to what extent, it is on their sole discretion.

3) (2) will depend a lot on circumstances related to the account closure. If it was a friendly good-bye e.g. because you just had not needed the account, then I would expect just some moderate renewal, simply what has changed. If it were because you had been asked for a documentation to a certain payment and you did not provide it, then... 😉

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I am just a simple countryman. Anything I say is only a personal opinion, not a certified advice 🙂

If you think it makes sense, you can like it; if opposite, please, tell me, why I am wrong...

 

[bubbledouble]

Only people to answer this question is the bank where you had your account.

 

[liroyb]

1) For how long after account closure banks retain client data?

2) What If you applied for account and got rejected - Does the bank will still retain the documentation and all the information you shared?

 

[SCHLOSSFINANZ]

1) minimum 10 years
2) yes they are required by law to store all information also for rejected accounts