Regulatory Alerts2024-12-19
Regulation No. 87/2024 on Bouncing Cheques
The National Bank of Rwanda issued Regulation No. 87/2024 to establish management, processing, and prevention frameworks for bouncing cheques while defining clear obligations for paying institutions and drawers. Paying institutions must formally notify defaulters, report unsettled cheques to the Central Bank and Credit Reference Bureau within five days, and maintain comprehensive records for both physical and truncated instruments. The regulation introduces tiered administrative sanctions, specifies conditions and procedures for their removal, and ensures negative credit score impacts persist until financial obligations are fulfilled.
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