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Al Etihad Credit Bureau's Board of Directors calls on all UAE banks to provide credit data for the past 24 months [Emirates News Agency (WAM) (United Arab Emirates)](Emirates News Agency (WAM) (United Arab Emirates) Via Acquire Media NewsEdge) DUBAI, 23rd April, 2014 (WAM) -- The Board of Directors of Al Etihad Credit Bureau held its 22nd meeting on Monday, April 21st . The meeting was chaired by Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs and Chairman of Al Etihad Credit Bureau, and discussed the Bureau s readiness to start operations following the publication of its by-laws in the Official Gazette. During the meeting, the Board of Directors discussed the latest developments of its system and confirmed the Bureau s readiness to start operations once its by-laws have been published in the Official Gazette. The Board also discussed a number of important topics, which included a review of the internal auditors reports and approving audited financial statements for 2013. The Bureau s Board of Directors stressed the need for all U.A.E. banks and financial institutions to submit their customers credit data for the past 24 months, including individuals Emirates ID details. Despite the continued efforts made by banks to provide their credit data, a large number of them have not yet fully completed the process of providing the past 24 months of credit data. The comprehensiveness of the Bureau s credit reports relies upon the banks submission of credit data within the stipulated timeframe. The Board of Directors expressed its thanks to the National Bank of Fujairah for its support and cooperation, as it is the only bank to submit accurate and reliable credit data for the past two years. The Board of Directors has urged remaining banks to follow suit and provide their credit data as soon as possible. As part of its operational readiness, the Bureau has successfully fulfilled all of the requirements for issuing credit reports, including establishing secure links with all financial institutions, and completing internal and external risk assessments. The board highlighted the need for banks and financial institutions operating in the U.A.E. to use Emirates ID, the only valid form of identification for all individuals residing in the country, in all customer transactions and operations. This will ensure that the Bureau s record matching process is 100 percent accurate. (c) 2014 Emirates News Agency (WAM) Provided by Syndigate.info, an Albawaba.com company |