Regulatory Alerts1999-11-11
Added · Updated
Clarification on Implementing BID 12 for the Compulsory Suspension of Cheque Accounts
The Bank of Namibia issued this circular to clarify the implementation of BID-12, which mandates compulsory suspension for customers who present five insufficient-fund cheques within three months. Banking institutions must process suspensions independently across different banks, treat multiple presentations of the same cheque as a single contravention, and promptly notify affected customers. The regulator further stresses that robust public awareness campaigns are required to highlight insufficient-fund issuance as a criminal offense, while ensuring customers remain protected from internal bank communication gaps or system failures.
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