Regulatory Alerts2012-03-22
Supervisor of Banks: Proper Conduct of Banking Business - Checkbooks
The Supervisor of Banks issued regulations governing the issuance and handling of checkbooks to ensure proper conduct in banking business. Banks are required to provide crossed, non-negotiable checks by default for individual customers and must attach explanatory pages detailing how to restrict negotiability. Additionally, banks must limit the quantity of checkbooks issued to new customers until their account administration is deemed satisfactory.
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