Regulatory Alerts1995-11-25 | 6060Central Office of Returned Cheques
Banque du Liban issued Basic Decision No. 6060 and its attached system to establish the Central Office for Returned Cheques (UPCS), mandating all Lebanese banks and financial institutions to electronically track, notify, and list customers whose cheques are returned due to insufficient funds. The regulation requires banks to provide a 15-day settlement window, submit periodic data detailing cheque values and customer identities, and restrict cheque book issuance to listed defaulters until obligations are met or a statutory time limit expires. Furthermore, it standardizes electronic access to the UPCS database, allocates operational costs among participating institutions, and enforces mandatory printed disclosures on cheque book covers to ensure transparency and legal enforceability.