1) All data and information relating to customers’ accounts, deposits, safe deposit boxes and trusts with Licensed Financial Institutions and related transactions shall be considered confidential in nature, and may not be perused, or directly or indirectly disclosed to any third party without the written permission of owner of the account or deposit, his legal attorney or authorized agent, and in legally authorized cases.

2) Such prohibition shall remain valid, even until end of the business relationship between the customer and the Licensed Financial Institution for any reason.

3) Chairmen and members of boards of directors, managers and employees of Licensed Financial Institutions, and experts, consultants and technicians assigned to perform functions therein, are prohibited from disclosing any information or data on their customers; their accounts or deposits or transactions relating thereto, or enable third parties to peruse them, except in legally authorized cases.

4) Such prohibition shall apply to all agencies and Persons, and whoever, by virtue of his profession, position or nature of work, is able to, directly or indirectly, peruse such information and data.

5) The Central Bank shall establish rules and conditions organizing exchange of banking and credit information, in its capacity as the competent Regulatory Authority in the State in this regard.

6) The provisions of item nos. (1) and (2) of this article shall be without prejudice to the following:

1. a. The powers legally vested on security and judicial authorities, the Central Bank and its employees.
2. b. The duties assigned to auditors of accounts of the concerned institutions.
3. c. The obligation of the concerned institutions to issue, upon request of the beneficiary, a certificate of the reasons for declining to cash a check.
4. d. The obligation of the concerned institutions to issue a certificate of partial payment of value of a check, where the consideration for payment is less than the value of the check, pursuant to the provisions of the referenced Commercial Transactions Law.
5. e. The right of the concerned institutions to disclose whole or part of the data relating to the customer’s transactions, in order to establish its right in a legal dispute in respect of such transactions, with its customer.
6. f. Provisions of established laws and international agreements in the State, in addition to anti-money laundering, terrorist financing and illegal organizations provisions.

1) The Central Bank shall establish regulations relating to protection of consumers of Licensed Financial Institutions, in line with the nature of activities the latter carry on and the services and products they provide.

2) The Central Bank may establish a unit that enjoys independent legal personality, to receive and decide on complaints of customers of licensed financial institutions. The Board of Directors shall issue a resolution establishing this unit, specifying its tasks, charter, powers and the human resources and financial regulations applicable thereto.

3) The Central Bank and Licensed Financial Institutions shall work together to raise public awareness of the types of banking services and financial products, and their inherent risks, through all means of communication and media, in accordance with the rules set by the Central Bank in this regard.

4) Licensed Financial Institutions may not charge interest on accrued interest- compound interest- in relation to facilities extended to customers, and shall, in this regard, follow the rules and controls prescribed in regulations issued by the Central Bank.

1) Licensed Financial Institutions must obtain adequate guarantees for all types of facilities provided to natural persons and sole proprietorships customers, commensurable with the customer’s income, or the guarantee, if any, and the size of required facilities, as determined by the Central Bank.

2) A claim or a lawsuit or a plea shall not be admissible before competent judicial authorities or arbitration tribunals if filed by a licensed financial institution in respect of credit facilities extended to a natural person or a sole proprietorship, in case such institution had failed to obtain the guarantees referred to in paragraph (1) hereinabove.

3) The Central Bank may impose the administrative or financial sanctions it deems appropriate on licensed financial institutions that violate the provision of paragraph (1) hereinabove, in accordance with Article (137) of this Decretal Federal Law.

The Board of Directors may issue regulations for protection of deposits and the rights of depositors of Licensed Financial Institutions in coordination with the Ministry. Such regulation may include establishment of a compensation fund and determination of its structure.

The Board of Directors shall establish necessary regulations and mechanisms to ensure that every natural Person shall have the right to access all or part of the banking and financial services and products from Licensed Financial Institutions suited to his/her need.