Clients are advised that the Central Bank of the United Arab Emirates (UAE) recently announced that effective November 19, 2011, international bank account numbers (IBANs) will be mandatory for all payment transactions to the UAE. Failure to provide IBANs may result in payments being rejected, delayed or incurring additional charges.

Clients sending payments to UAE will have a grace period for compliance November 19, 2011 until April 12, 2012. Non-IBAN payments will be rejected after this period.

For further information regarding this regulation, please visit the website of the Central Bank of the U.A.E.