Regulation 015 on the Application of Certain Provisions of Decree 15-026/PR on Payment Systems, Means, and Incidents

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CENTRAL BANK OF THE COMOROS

REGULATION No. 15/2015/BCC/DSBR

RELATING TO THE APPLICATION OF CERTAIN PROVISIONS OF DECREE No. 15-026/PR ON PAYMENT SYSTEMS, MEANS, AND INCIDENTS

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Having regard to the Statutes of the Central Bank of the Comoros;

Having regard to Law 13-003/AU of June 12, 2013, regulating the activities of Financial Institutions;

Having regard to Decree No. 15-026/PR of March 3, 2015, on payment systems, means, and incidents, specifically Articles 45, 56, 191, and 210;

THE GOVERNOR OF THE CENTRAL BANK OF THE COMOROS

Sets the implementation rules for certain provisions related to Decree No. 15-026/PR.

Article 1: Obligation of Partial Payment of Checks in Case of Insufficient Funds

In the event of insufficient funds, if the available provision in the account is at least equal to 40% of the value of the check, account-holding institutions are obligated to proceed with the partial payment of the check up to 40% of its value.

Checks paid partially in the clearing house must be rejected for the unpaid amount.

The back of such rejected checks must bear the details of the paid amount and the account balance after payment.

Article 2: Issuance of Non-Pre-Crossed Checks by an Account-Holding Institution

Account-holding institutions are required to issue checks with characteristics of pre-crossing and non-transferability by endorsement, except in favor of a credit institution.

Failure to comply with this provision results in the payment of a stamp duty of five thousand francs per checkbook made available to customers.

Article 3: Amount of the Penalty for Regularization of a Banking Ban

To regain the ability to possess payment means again, the client must pay a liberatory penalty fixed as follows:

• Ten thousand Comorian francs for checks with an amount less than or equal to fifty thousand Comorian francs,
• Twenty thousand Comorian francs for checks with an amount greater than fifty thousand Comorian francs.

Article 4: Place of Payment of Penalties

All penalties and stamp duties stipulated in this Regulation must be paid to the Public Treasury.

Article 5: Non-Compliance with the Provisions of this Regulation

Non-observance of the provisions of this Regulation will result in disciplinary sanctions as provided for in Articles 64 to 66 of Law No. 13-003-AU.

Article 6: Entry into Force

This Regulation enters into force on the date of its signature.

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Moroni, April 2, 2015

Mze Abdou Mohamed Chanfiou