Regulatory Alerts2010-11-08
Instruction No. 001-DCR/2010 on the Procedures for Declaring, Processing, and Utilizing Information Regarding Payment Incidents on Cheques
The Central Bank of Madagascar issued Instruction No. 001-DCR/2010 to establish standardized procedures for the declaration, processing, and centralization of information regarding cheque payment incidents, prohibitions, and related infractions. The regulation mandates credit institutions and postal cheque centres to electronically and manually report specific events such as insufficient funds, stop payments, account closures, and forgery within strict deadlines, while requiring them to notify drawers, manage regularization periods, and enforce banking prohibitions. Furthermore, the instruction outlines the Central Bank's role in maintaining the central cheque registry, publishing monthly summary reports, excluding repeat defaulters from refinancing systems, and imposing financial penalties for non-compliance or inaccurate reporting.