Revised CATS Procedure Dec.20161

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COMMERCIAL BANK OF ETHIOPIA December 1, 2016 4.1.2 request the person to produce at a minimum taxpayer registration ؛certificate/TIN 4.1.3 inform its customer about the use and purpose of cheque account, cheque, and the consequences of misusing ؛them and 4.1.4 Include in the cheque account opening agreement a clause about the measures that shall be taken when there is misuse of cheque in accordance with these directives and the bank’s internal policies and procedures. 4.2 If a person has multiple cheque accounts in various branches of a bank, the bank shall aggregate all the cheque accounts in its branches and treat them as a single account for purpose of closing the cheque account. 4.3 A bank shall request existing customers to produce tax identification numb.er (TIN) within six months from effective date of these directives, after which the bank shall not issue new cheque book unless the account holders produce the number. 4.4 Without prejudice to the generality of sub-article 4.1 of this article, a bank shall develop and put in place its own internal policies and procedures on proper operation of cheque. 5. Action to be Taken by a Bank Upon Dishonoring a Cheque 5.1 Dishonoring a Cheque for the First Time 5.1.1 Upon dishonoring a cheque drawn by a drawer for the first time any period after opening of a cheque account in line with article 4 of these directives, the bank shall: a) record the incident for the first time in the Dishonored Cheque Register; and CATS Procedure | h
COMMERCIAL BANK OF ETHIOPIA December 1, 2016 b) block all debit (outgoing) transactions against this account until the dishonored cheque is fully paid to the payee or equivalent amount is blocked pending the payment to the payee. 5.1.2 An account holder whose incident has been recorded in the Dishonored Cheque Register in line with 5.1.1(a) hereinabove but who has fulfilled all obligations related to dishonored cheque which includes full settlement of the claim or blocking of equivalent amount and has not drawn other dishonored cheques for the second time at least for 12 consecutive months following such registration, may be deleted from such register and be considered as clean. 5.1.3 All dishonored cheques presented to a bank before deleting the name of a drawer from the Dishonored Cheque Register in line with 5.1.2 hereinabove shall be treated as the second and third time dishonored cheques, even if two or more cheques have been presented at a time or simultaneously by the same payee. 5.2 Dishonoring a Cheque for the Second Time 5.2.1 Upon dishonoring a cheque drawn by a drawer for the second time within 12 consecutive months following the date of presentation' of the dishonored cheque to the bank for the first time under 5.1.1 hereinabove, the bank shall: a) record the incident for the second time in the Dishonored Cheque ؛Register b) block all debit (outgoing) transactions against this account until all the cheques which have been dishonored & registered under 5.1.1(a) 5.2.1(a) hereinabove are hilly paid or equivalent amount is blocked pending the payment to the payee(s); and CATS Procedure | i
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Commercial Bank of Ethiopia Decembe
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1.2 Definitions COMMERCIAL BANK OF
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9.20 Key management COMMERCIAL BANK
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Revised CATS Procedure Dec.20161

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