Regulatory Alerts2010-11-08
Instruction No. 001-DCR/2010 of November 8, 2010 on the procedures for reporting, processing and utilization of information regarding payment incidents on cheques
The Governor of the Central Bank of Madagascar issued Instruction No. 001-DCR/2010 to standardize the reporting, processing, and utilization of information concerning payment incidents on cheques. The directive requires authorized credit institutions and Postal Check Centers to electronically declare specific events such as insufficient funds, garnishments, prohibitions, and account closures, while mandating timely paper confirmations for regularization certificates and violation notices. It centralizes these records in a secure national database accessible via the SIIE platform, establishes strict timelines for drawer notifications and judicial prohibitions, and imposes fines on institutions that fail to comply with declaration obligations or repeatedly default on payments.