A new mandate has been issued by banks in line with Law 10/2010 on the prevention of money laundering and financing of terrorism. This law requires banks to hold copies of their customers valid and in-date ID on-file and to contact any customer with an incomplete file so that a copy of the relevant documents can be promptly provided. Banks must contact the affected customers via letter, email or SMS but if you do not receive notification, it means the bank is already in possession of your details, even so, it may be a good idea to double check your status just in case.
The accounts of any customer who does not submit their paperwork on time will be deactivated on the 1st May 2015 rendering any credit and debit cards inoperable and preventing access to online banking systems. However, if the necessary details are made available within three months from the 30th April, the account can easily be reactivated. After this period, things will become more complicated because the account will form part of the banks’ Memorandum Accounts but that does not mean the loss of the balance that existed at the time of closure.
