QCB asks all banks to transfer account data

 18 Mar 2014 - 4:04


DOHA: The Qatar Central Bank (QCB) has asked all banks to provide it with basic information about their customers’ accounts, including individuals and companies.
The move comes as part of measures being taken by the government to ensure that wages and salaries of all workers in the public and private sectors are transferred to the banks, Al Sharq reports.
The daily said that it had obtained a copy of a circular issued by the QCB to the banks asking them to send basic information about their customers’ accounts.
The required data does not include account balance but is limited to general information about the accounts. This data should be sent to the QCB before the eighth of every month, said the daily, quoting the circular.
A special code — SALA — has been given exclusively for transfer of wages and salaries of workers.
This code should not be used for any other purpose. The requested data includes account number, Qatari ID number, commercial registration (for companies), customer’s name, IBAN, date of opening the account, among others.
All banks operating in Qatar have started implementing this directive. The procedures include deposit and direct debit system — QATCH — which handles effectively the exchange of financial orders among local banks via a secure electronic network. 
H E Abdullah Saleh Mubarak Al Khulaifi, the Minister of Labour and Social Affairs, recently said that the Ministry was working with the Ministry of Finance and Qatar Central Bank to introduce a wage security system, which will ensure direct transfer of the workers’ salaries to their bank accounts.
“The wage transfer will be closely monitored every month,” the Minister had said. The new policy will require opening bank accounts for workers employed with all companies and corporations in Qatar.  The banks will be forced to open accounts regardless of the amount of a worker’s salary, said the daily.
Once the system is fully implemented, it will not be permitted to pay workers’ salaries in cash, regardless of the amount.  The system aims to organise and ensure regular payment of salaries and make sure that employers don’t default or delay payments.
The QCB will play a supervisory role in the system. The banking regulator said it is ready to cooperate with other banks to solve any problems they would face in implementing the wage security system, said the daily. The Peninsula