Q1-2010 Dishonoured cheque notification obligation for banks

The Regulation on the Transaction Risks of the Customers of Banks and other Financial Institutions was amended on 11 March 2010. In light of the amendment, in cases where a cheque is dishonoured, the drawee bank ise now required to notify the Central Bank of the details of the cheque and owner of the cheque account from which the cheque originates. Furthermore, the Central Bank is now authorised to disclose the details of bounced cheques to the public for informational purposes.

 

Pekin Pekin