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Important Notice: Security Measure for addition of new beneficiaries

Dear Valued Clients,

As part of our commitment to enhancing your banking security and adhering to the new UAE Central Bank regulations, please be informed that fund transfers to the newly added beneficiaries via Online Banking or SC Mobile app will be accessible after a waiting period of four (4) hours.

This security measure applies to both local and international fund transfers.

Thank you for your understanding and partnership in safeguarding your financial transactions.

FAQs

  • What is beneficiary cooling-off period?

    After adding a new beneficiary, a period of 4 hours is needed by the bank before a transfer can be made to the newly added beneficiary. This is known as the beneficiary cooling-off period.

  • Why are we implementing the cooling-off period?

    A cooling-off period is a security measure that banks use to protect the client against unauthorised transactions and potential fraud. In compliance with the UAE Central Bank regulation Notice No. 2829.2024 dated 1 June 2024, the bank is required to “Restrict payments to new beneficiaries after a withholding period of no less than 4 hours”.

  • Is this cooling-off period mandatory for all clients?

    Yes, it is mandatory for all clients.

  • What are the beneficiaries for which this is applicable?
    • Internal transfers between Standard Chartered accounts
    • Other local bank Account/Credit Card beneficiaries
    • International beneficiaries (all types)
  • Can clients opt out of this cooling-off period feature?

    No, clients cannot opt out of this feature as it is mandatory.

  • How will I know when I can initiate the first transfer after completing beneficiary addition?

    We will display the exact time at which you will be able to transfer funds to the beneficiary.

  • For which transfer is this new feature applicable?

    The cooling-off period is only applicable for first-time transfers

  • Is this applicable to beneficiaries that are already added to Digital Banking?

    No, cooling off period of 4 hours is only applicable for newly added beneficiaries and not applicable to any of the existing beneficiaries.