Tunisian Central Bank Introduces New Measures to Prevent Check Payment Incidents
The Tunisian Central Bank (BCT) published a circular on November 21, 2024, introducing new provisions to prevent check payment incidents.
This initiative is part of the implementation of recently amended articles of the Commercial Code, aiming to hold banks accountable for the issuance and management of check forms.
Banks are now required to pay certain checks, even in cases of insufficient funds, under strict conditions. This applies particularly to checks with an amount of 20 dinars or less, or up to 5,000 dinars if the bank failed to follow the procedures for verifying account holders.
Furthermore, financial institutions must mandatorily adhere to the electronic platform for check transactions to avoid assuming payments without provision.
Among the measures, the BCT requires banks to thoroughly verify the financial situation of account holders before issuing check forms. These verifications include consulting the central database of bounced checks and making specific requests to the central bank for foreign clients.
Banks must also adjust their information systems to integrate these new rules and respect a six-month deadline, starting from the promulgation of Law No. 2024-41, to apply these measures. Check forms issued must now include enhanced security features, a minimum validity period of six months, and a maximum value.
Moreover, strict restrictions govern the issuance of non-crossed checks, which are now exceptional and reserved for specific justified needs. Banks must record these cases and set global limits for checkbooks based on clients' solvency.
In case of legal or judicial prohibitions, the BCT manages an updated database of prohibited individuals and ensures the communication of this information to banks. The latter must suspend the issuance of checks to concerned clients until a formal lifting of the prohibitions.
