Financial institutions are required to notify client before starting a procedure to close bank accounts. Once notifed the bank has three days to close the account.
In December, banks began a process of updating customer data. The procedure is required once every two years, in order to comply with the law designed to prevent narcotics trade, money laundering and terrorism. Financial institutions reported closing some accounts for failure to update recods. However, no specific numbers have been provided.
Once an account has been closed, customers should be issued a cashier’s check for the balance of their accounts. Banks then may reserve to the right to reopen accounts for customers who have failed to provide data in the past.