Account Opening Requirements
New customers are very important to us and we make every effort to ensure that the account opening procedure is conducted professionally and promptly.If you are a resident in the United Kingdom
We prefer to meet our clients face-to-face, so please call in at our branch to discuss all aspects of our proposed relationship. We shall need to see your original passport and proof of your residential address e.g. a recently paid utility bill. We will also need a third party reference, preferably from a bank (we would normally arrange for this ourselves following our meeting).If you are a non-UK resident
If you are unable to visit our branch in Mayfair, you may apply through another branch of the Arab Bank group. You will need to bring your original passport and proof of residential address (this may not be a post office box address). If you are unable to provide this then a letter from a reputable source confirming your address will be considered. We will also need a third party reference, preferably from a bank (we would normally arrange for this ourselves following our meeting).Other important requirements
The Bank will need to request information regarding the reasons for opening the account as well as your source(s) of income. When the Bank processes the application, it takes several factors into consideration including the rationale behind opening the account, and the likely activity of it.The Bank may decline an application without providing a reason or entering into correspondence.
FSA
Europe Arab Bank plc (EAB) is authorised and regulated by the UK's Financial Services Authority (FSA). The FSA has wide ranging regulations, some of which relate to prevention and detection of money laundering.The FSA is firm in its determination to protect London’s reputation as a safe and reliable international financial centre, and has taken a leading role in combating money laundering. Anti Money Laundering Regulations became part of UK Law in 1994. Since then, all financial institutions operating in the UK, including EAB, have had to put in place money laundering prevention procedures.
These procedures, which make it mandatory for the Bank to ‘know its customers’, involve obtaining proof of identity, residential address, business activity, source of funds etc. They ensure that EAB and its customers maintain their good reputation and high standards. Procedures to open accounts may appear complicated, but with proper understanding and cooperation, the Bank can ensure all applicants are treated with the proficiency genuine customers expect.