It’s obviously difficult to deal with further proceeding when your firm has been blacklisted by any banks in UAE. For such queries here are some expert advice to follow if your firm has been listed on the black list which brought to a hard time to deal with financing procedures.
What is a black list?
The black list is a type of ban that contains the names of people/company who are strictly prohibited from proceeding transactions (as in the case of banks) for committing fraudulent activities of crimes or illegal act.
If your company/firm has been blacklisted in UAE banks
- The Central bank of the UAE usually does not close bank accounts if two cheques are dishonoured upon presentation to your bank.
- The licence can be blacklisted/blocked by the Central Bank of the UAE due to any reason that is considered against the rules and regulations of the bank.
- If the licence is blocked due to the dishonour of the aforesaid cheques which you have subsequently paid in cash to the debtor you may obtain a release from the debtor and provide it to the Central Bank of the UAE with a request to remove the block on your licence.
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