Regulatory Alerts2021-03-24
Added · Updated
Circular on Compliance with Cheque Book Issuance Regulations
The Central Bank mandates licensed banks to ensure cheque book sizes align with customer transaction volumes, account balances, and credibility. Banks are prohibited from issuing cheque books shortly after account opening or for personal use, and must restrict issuance to justified commercial activities with verified sales transactions. The directive requires banks to implement automated anti-money laundering scenarios to monitor cheque movements and appoint supervisory bodies to oversee issuance processes.