Regulatory Alerts2015-04-27
Decree on Payment Systems, Means and Incidents
The President of the Union of the Comores issued this decree to regulate payment systems, define key financial terms, and mandate the use of non-cash payment methods for transactions exceeding 1,000 Comorian francs. It establishes strict requirements for the creation, transmission, and payment of checks, including specific formatting rules, endorsement procedures, and presentation deadlines. The Central Bank is tasked with authorizing and supervising payment systems to ensure their security and efficiency.
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