Banks To Pay N10m Effective For Utilizing Unaccredited Cheque Printer

The Central {Bank} of Nigeria, CBN, has slammed a N10 million tremendous and withdrawal of cheques on industrial banks utilizing unaccredited cheque printers/personaliser.

The apex {bank} disclosed this in its revised sanctions regime on defaulters of the Nigeria Cheque Commonplace and Nigeria Cheque Printers’ Accreditation Scheme (NICPAS).

Amongst different issues, CBN stated: “Offence of engagement of unaccredited industrial cheque printer/personaliser by  industrial banks as reported by accredited cheque personalisers/printers or through CBN/MTIC audit will appeal to withdrawal of cheques from circulation and N10 million tremendous; withdrawal of cheques from circulation and N20 million tremendous for a repeat offence.

“Failure/ refusal to submit customized cheque samples for testing and evaluation (the place relevant) will appeal to a N5 million tremendous.

“Failure to encode cheques correctly or meet the obligatory safety and high quality requirements will appeal to a tremendous of N10,000 per instrument.”

In a round saying the sanction, which was signed by Director, Banking Companies Division, Mr.   Hamisu Abdullahi, CBN recalled  that it issued a round on sanctions on defaulters of the Nigerian Cheque Requirements (NCS) and Nigeria Cheque Printers Accreditation Scheme (NICPAS) in 2019.

“In furtherance of the {bank}’s dedication to extend the effectivity and security of the Nigeria Clearing System, it has develop into crucial to evaluation the aforementioned Sanction Grid to mirror the present realities within the banking business.

“In view of this, the {bank} hereby stipulates the hooked up, as revised sanctions to erring banks and Accredited Cheque Printer/Cheque Personalizers for infringements of NCS/NIPAS 2.0. Please be guided accordingly,” CBN added.