Savings Institutions Business Guide

7Documented Cases

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We documented 7 challenges in Savings Institutions. Now get the actionable solutions — vendor recommendations, process fixes, and cost-saving strategies that actually work.

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All 7 Documented Cases

غرامات عدم تقديم تقرير النشاط المشبوه (SAR)

AED 20,000 - 100,000 per violation (typical AML fines); 20-40 hours per manual SAR filing

Mandatory SAR filing for suspicious transactions in financial institutions like Savings Institutions. Non-compliance results in penalties from FIU, with documentation retention required for 5 years.

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فقدان القدرة بسبب إجراءات SAR اليدوية

30-50 staff hours per month at AED 100/hour (AED 36,000 - 60,000/year)

SAR filing involves multi-step manual processes, tying up compliance and front-line staff.

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رسوم عدم الحفاظ على الرصيد الأدنى

AED 50 per month per account

Banks charge AED 50 monthly if minimum balance (e.g., AED 5,000 max) not maintained, common for non-salary transfer accounts post-opening.

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غرامات الشيكات المرتجعة

AED 100 per bounced check

Bounced check fee of AED 100 applies post-account opening if insufficient funds, linked to inadequate initial verification.

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