Revised CATS Procedure Dec.20161

Recommendations

Info

COMMERCIAL BANK OF ETHIOPIA December 1, 2016 1.2 “Non-Resident (NR) Foreign National of Ethiopian Origin” shall mean (1) A non-resident and holder of a valid identification card, obtained pursuant to Proclamation 270/94, attesting that h/she is a foreign national of Ethiopian origin. (2) A business entity owned by non-resident foreign nationals of Ethiopian origin and located outside the Ethiopian territory. 1.3 “Non-Resident (NR) Foreign-Currency Account” refers to the two types of accounts stated under Article 4 of this directive and maintained in foreign currency by the debit of which funds can be transferred abroad and/or used locally without any permit from the Bank. 1.4 “Opening Banks” are authorized commercial banks in Ethiopia; 1.5 “The Bank” is the National Bank of Ethiopia, 1.6 “The Account” is a foreign-currency account opened by non-resident Ethiopians or foreign nationals of Ethiopian origin. 1.7 “Certificate” means commercial banks’ deposit certificate issued to the depositor in recognition of her/his ownership of the deposited sum of money; 1.8 “Foreign Currencies” refers to the three types of currency indicated under Article 5 of this directive and which the Bank accepts for purposes of foreign exchange. 1.9 “Deposits” shall mean foreign-currency deposits received by the opening bank. They shall also include cash certificate, cheque or other deposits of a similar nature. Article 2 Eligibility Criteria 2.1 The following individuals and/or enterprises may open a foreign-currency account in any of the authorized commercial banks in Ethiopia. a) Non-resident Ethiopians; and CATS Procedure | aa
COMMERCIAL BANK OF ETHIOPIA December 1, 2016 b) Non-resident foreign nationals of Ethiopian origin. 2.2 Non-resident Ethiopians/foreign nationals of Ethiopian origin shall present the following documents to open an NR foreign-currency account in domestic banks: a) Application forms properly filled out and signed by the account holder; b) For individuals, a valid passport and/or an identification card showing that the applicant is a foreign national of Ethiopian origin; and c) For businesses, a certificate of ownership or entitlement, and for an organization, an Article of Association and a Memorandum of Association. 2.3 Applicants who could not be physically present to open the NR account in the domestic banks shall use the Ethiopian embassies, correspondent banks or nearby remittance-service providers to validate their identities. Article 3 Opening Foreign Currency Accounts 3.1 A foreign-currency account may be opened for individuals and/or enterprises that fulfill the eligibility criteria set under Article 2 (2.1) of this directive. 3.2 Persons residing abroad can open such accounts in person or by post in their names. The banks may also establish contact with potential account openers using e-mail, fax, telex and/or other electronic media authorized by the Bank. Subsequently, however, the bank should receive authenticated documents to open the accounts. 3.3 A request for opening an account for deposit in foreign currency shall be accompanied by a letter of application and a specimen signature. 3.4 An individual and/or enterprise may open all or one of the foreign-currency accounts enumerated under Article 4(4.1) of this directive. 3.5 Power-of-attorney holders are not allowed to open foreign-currency accounts or to credit the account on behalf of non-residents and/or foreign nationals of Ethiopian origin. Power-of-attorney holders are, nonetheless, allowed to CATS Procedure | bb
Page 1 and 2:
CATS Procedure | Commercial Bank of
Page 3 and 4:
Commercial Bank of Ethiopia Decembe
Page 5 and 6:
COMMERCIAL BANK OF ETHIOPIA Decembe
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
1.2 Definitions COMMERCIAL BANK OF
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47 and 48:
Page 49 and 50:
Page 51 and 52:
Page 53 and 54:
Page 55 and 56:
Page 57 and 58:
Page 59 and 60:
Page 61 and 62:
Page 63 and 64:
Page 65 and 66:
Page 67 and 68:
Page 69 and 70:
Page 71 and 72:
Page 73 and 74:
Page 75 and 76:
Page 77 and 78:
Page 79 and 80:
Page 81 and 82:
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Page 91 and 92:
Page 93 and 94:
Page 95 and 96:
Page 97 and 98:
Page 99 and 100:
Page 101 and 102:
Page 103 and 104:
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Page 131 and 132:
Page 133 and 134:
Page 135 and 136:
Page 137 and 138:
Page 139 and 140:
Page 141 and 142:
Page 143 and 144:
Page 145 and 146:
Page 147 and 148:
Page 149 and 150:
Page 151 and 152:
Page 153 and 154:
Page 155 and 156:
Page 157 and 158:
Page 159 and 160:
Page 161 and 162:
Page 163 and 164:
Page 165 and 166:
Page 167 and 168:
Page 169 and 170:
Page 171 and 172:
Page 173 and 174:
9.20 Key management COMMERCIAL BANK
Page 175 and 176:
Page 177 and 178:
Page 179 and 180:
Page 181 and 182:
Page 183 and 184:
Page 185 and 186:
Page 187 and 188:
Page 189 and 190:
Page 191 and 192:
Page 193 and 194:
Page 195 and 196:
Page 197 and 198:
Page 199 and 200:
Page 201 and 202:
Page 203 and 204:
Page 205 and 206:
Page 207 and 208:
Page 209 and 210:
Page 211 and 212:
Page 213 and 214: COMMERCIAL BANK OF ETHIOPIA Decembe
Page 263: COMMERCIAL BANK OF ETHIOPIA Decembe
Page 271 and 272: [COMMERCIAL BANK OF ETHIOPIA] Decem
show all

Revised CATS Procedure Dec.20161

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?