Regulatory Alerts1996-12-31
Directive No. 14-DSB-1997, dated January 01
The Banking Supervision Directorate establishes an 11% commission rate for commercial banks selling Traveller’s Cheques to exchange offices, applying the fee to both office and direct client transactions while capping individual sales at USD 100,000. Under Law No. 4/96, these transactions are exempt from Stamp Duty, and banks must submit regular detailed reports of sales values and dates to the Directorate. The directive immediately supersedes point 3 of Directive No. 08/97 and all of Directive No. 10/97, standardizing commission structures and reporting requirements across the sector.
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