Banks are considering ways to identify and secure bank accounts belonging to expatriate workers who have been deported from the country. These accounts pose a risk to the financial system, as they may be exploited illegally by fraudsters for financial fraud or money laundering, reported Al-Rai Daily.
It is estimated that there are approximately 30,000 bank accounts under the names of deported expats, making it easy for gangs to move their illegal funds without drawing attention to themselves.
Banks fear that such accounts could be used to recruit more expatriates for fraudulent operations, whether directly or in exchange for fees. Even dormant accounts that lack funds can be vulnerable to hackers, who seek to penetrate them for the largest possible amount of personal data and password information, as well as financial information.
The continued exposure of this large number of bank accounts to financial fraud gangs or those active in money laundering operations increases the vulnerability of the financial system. Thus, it is essential to establish an information link between banks and the Ministry of Interior to immediately provide banks with a list of names of deported expats.
Banks can then freeze their accounts upon departure from the country, especially accounts that lack funds. The regulatory authorities, led by the Financial Investigation Unit, will monitor the accounts of clients who have deposits in their accounts, have liabilities, or have job or commercial dues that will be deposited later, with further scrutiny by the bank.
