Regulatory Alerts2006-11-24
Instruction No. 002-CR/06 of November 24, 2006 Setting the Procedures for Declaring and Disseminating Information on Check Offenses
The Central Bank of Madagascar issued Instruction No. 002-CR/06 to establish standardized procedures for credit institutions and financial services to declare and disseminate information regarding check-related offenses, including payment refusals, prohibitions, falsifications, and account closures. The directive mandates that these Check-Issuing Institutions submit detailed declarations to the Central Bank within specified fifteen-day or ten-day windows, depending on the offense type, while the Central Bank centralizes this data in its national check register and distributes relevant updates to branches and courts. By consolidating these reporting timelines, signature accreditation requirements, and monthly summary statements into a unified framework effective January 2, 2007, the instruction streamlines compliance and enhances transparency across Madagascar's banking sector.