Revised CATS Procedure Dec.20161

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COMMERCIAL BANK OF ETHIOPIA December 1, 2016 7.1.2. the drawer shall present satisfactory evidences that all cheques which have been, dishonored& registered under sub-articles .5.1.1(a), 5.2.1(a) and .5.3.1(a) of these directives are fully settled or produce a letter from the bank which indicates equivalent amount of funds have been blocked pending the payment to the payee(s). Under such circumstance, a call to collect the stated money within the specified date and bank shall be made by the drawer ,as his own cost ,to the payee in widely circulating newspaper at least once per week for three consecutive weeks; or if the drawer is unable to trace the whereabouts of the dishonored cheque/s which have been registered under sub-articles 5.1.1(a), 5.2.1(a) and 5.3.1(a) of these directives after full settlement of the cheque value to the payee(s), the payee(s) may appear in person to the National Bank and confirm in writing that the dishonored cheque have been fully settled in the form prescribed under Annex -I of these ؛directives or keep equivalent amount in a blocked account pending a call to collect the stated money within specified date and bank to be made by the drawer, at his own cost, to the payee in widely circulating newspaper at least once per ؛weeks week for three consecutive 7.1.3. the drawer shall produce a letter from his bank that amount of penalties charged in line with article 5 of these directives have been fully settled; 7.1.4. the drawer shall file a written application with the National Bank, with a copy to the Federal Police Commission, attested by an oath to indicate his intention and commitment to use a cheque in operating his cheque account honestly and carefully in the ؛future and 7.1.5. the drawer shall present an undertaking in a duly completed and ؛directives signed letter as specified under Annex-11 to these CATS Procedure | n
COMMERCIAL BANK OF ETHIOPIA December 1, 2016 7.2. A bank shall provide cheque account service to the person whose name has been deleted from the delinquent list in line with the preceding subarticles of this article. 7.3. The National Bank and each other bank shall maintain a separate register for the names of persons deleted from delinquent list. 7.4. If the payee fails to appear and collect the funds blocked under 8.1.2 or 8.1.3 hereinabove after specific date stated in a newspaper call made in line with the same sub-articles, the bank may unblock the account and make the funds available to the drawer. 8 Conditions for Allowing New Cheque Account Opening to a Person Prohibited Because of Similar Name in the Delinquent List 8.1 Notwithstanding provisions under sub-article 8.1 hereinabove, the National Bank may allow a person, who has been prohibited from opening new cheque account because of similar name in the delinquent list, upon fulfillment of the following conditions: 8.1.1 the person shall file a written application with the bank that initially closed the cheque account in the form prescribed under Annex-111 of these directives, with a copy to the National Bank, Banking Supervision ؛Directorate 8.1.2 within 10 calendar days of receiving the written application under 9.1.1 hereinabove, the bank shall produce satisfactory evidences that assure whether the closed account is of the person or not to the National Bank, ؛Directorate Banking Supervision 8.1.3 the National Bank, upon receiving satisfactory evidences in line with 9.1.2 hereinabove, shall allow a bank to open new cheque account if the closed account is not of the person and circulate same to the banking industry, with a copy to the ؛applicant and CATS Procedure | o
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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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