Sactions for the issuance of DUD cheques
The Bank of Ghana has introduced stricter penalties for issuing dud cheques, aiming to curb this growing menace and restore confidence in cheque transactions. Here are the key sanctions:
First Offence:
– 10% levy of the cheque’s face value
– Formal warning notification with consequences of repeating the offence
– Report to credit reference bureaus and the Bank of Ghana
– Customer placed under surveillance for a minimum of one year
Second Offence (within one year):
– 15% levy of the cheque’s face value
– Another formal warning notification
– Report to credit reference bureaus and the Bank of Ghana
Third Offence (within one year):
– 20% levy of the cheque’s face value
– Minimum three-year ban on issuing cheques nationwide
– One-year ban on accessing new credit facilities from the entire banking system
– BoG will notify all financial institutions of the ban
– Customer’s bank must recall unused cheque books and not issue new ones until sanctions are lifted
Additional penalties include:
– Publication of Third-Time Offenders: BoG may publish the list of customers who have issued dud cheques for the third time.
– Current Account Ban: BoG may ban customers from operating any current account if they fail to return unused cheque books within 10 days of notification.
– Directory of High-Risk Cheque Issuers: Customers who fail to comply may be added to a Central Bank directory, serving as a reference point for the banking industry. Refer to https://www.bog.gov.gh/news/sanctions-for-the-issuance-of-dud-cheques/ for more details.