The enactment of the Cheque Law (published in the Trade Registry Gazette dated 20 December 2009, Numbered 27438) has seen the abolishment of both the Law Regulating Cheque Payments and Protecting Cheque Bearers (Law No. 3167) and the Law amending Law No. 3167 (Law No. 4814). Banks are now required to retain records in relation to documents collected for the opening of cheque accounts for 10 years (formerly five years) following the closure of such cheque accounts. The payments made by a bank for a bounced cheque still depends on whether all or part of the amount written on the cheque was dishonoured for all or part of the debt. However, in this respect the Law has introduced a sub-criterion regarding the amount of a cheque. Furthermore, bank employees may now face imprisonment if they do not follow the relevant procedure for bounced cheques as described in the Law or if they open a cheque account for individuals prohibited from opening such accounts.

See also: Corporate section - The Cheque Law