Revised CATS Procedure Dec.20161

COMMERCIAL BANK OF ETHIOPIA December 1, 2016
Article 15
Inspection
The Bank may inspect any of the banks where such accounts are opened at any time
and thereby make sure that the provisions of this directive are being complied to.
Article 16
Penalties
16.1 A bank that violates any of the provisions of this directive shall be penalized,
in accordance with the Licensing and Supervision of the Banking Business
Directive non.SBB/27/2001.
16.2 Any bank that fails to comply with the reporting requirement specified under
Article 13.1 (b) shall pay a penalty of Birr 1,000.00 (one thousand) per day of
delay. The penalty so assessed will be automatically deducted from the
bank’s account maintained with the NBE.
16.3 Where an account holder violates the provisions of this directive, the bank
where the account is opened may suspend the account and immediately
report the case to the Bank.
Article 17
Repeal
The regulation related to the opening and operation of foreign-currency accounts
for non-resident Ethiopians and non-resident foreign nationals of Ethiopian origin
issued under directive No. FXD/25/2004 is hereby repealed and replaced by
Directive No. FXD/31/2006.
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