Regulatory Alerts2019-11-07 | BKS/DIR/CIR/GEN/02/044Sanctions on Erring Banks and Cheque Printers / Personalizers for Infractions of the Revised Nigerian Cheque Standard (NCS) and Nigerian Cheque Printers Accreditation Scheme (NICPAS)
The Central Bank of Nigeria has reviewed the Nigerian Cheque Standards and the Nigeria Cheque Printers Accreditation Scheme to improve the efficiency and security of the Nigerian Clearing System. The bank has specified sanctions for institutions that fail to comply with the provisions of the revised documents, which include fines, warnings, and termination of accreditation or suspension of licenses. These sanctions aim to instill discipline in the cheque clearing system and ensure adherence to the updated standards and scheme.
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