Revised CATS Procedure Dec.20161

COMMERCIAL BANK OF ETHIOPIA December 1, 2016
46. Non-Resident Transferable Foreign Currency Account (NRT FCY): Shall
mean an account maintained in foreign currency by the debit of which funds
can be transferred abroad without the necessity of obtaining foreign
exchange permit
47. Other Associations: Shall mean entities which are established based on the
civil code of Ethiopia and its shall include religious organization, Idir, equb,
sectorial associations, professional associations, trade unions and political
parties;
48. Other entities: shall refer to entities that are not explicitly defined or
categorized in this procedure and shall refer to entities that operate in
Ethiopia due to bilateral or other agreement between Ethiopia and the
respective country or international organization .
49. Outgoing Local Money Transfer: Shall refer to money transfer in the name
of a designated beneficiary by collecting cash or debiting the account of the
sender.
50. Overdraft Account: shall refer to a demand deposit account from which
withdrawal of money beyond the available balance is allowed up to the
maximum approved ceiling/ limit.
51. Partnership: shall mean a type of business organization in which two or
more individuals pool money, skills and other resources and share profit and
loss in accordance with terms of the partnership agreement and it may be
established in the form of ordinary partnership, joint venture, General
partnership or limited partnership.
52. Personal Identification Number (PIN): shall refer to secret numeric
password shared between the user and the electronic payment system which
is used to access the electronic banking service.
53. Point of Sale (POS) Terminal: shall refer to an electronic device used for
authorizing and processing Bank card transactions at the point of sale.
54. Point of sale: shall refer to the place at which a retail transaction or sales is
carried out.
CATS Procedure | 7