The Central Bank of Cyprus (CBC) this week issued a new directive regarding the operation of the central registry of information for issuers of bounced cheques, aiming to refine existing procedures and enhance efficiency.

According to a report by the Cyprus News Agency (CNA), the fundamental provisions of the directive, titled “Directive on the Central Registry of Information for Issuers of Bounced Cheques 2024,” remain unchanged.

However, some aspects have been reformulated for clarity, and procedural changes have been introduced.

Concerning the criteria and conditions for registration in the Central Registry of Information, the directive maintains the existing parameters.

Specifically, a natural or legal person will be registered if, within any twelve-month period, they issue a minimum of three bounced cheques.

Alternatively, if the total amount of bounced cheques issued by the individual within twelve months exceeds €2,000, or the equivalent in foreign currency converted to euros by the method specified in paragraph 11(d), regardless of whether these cheques have been settled or not at the time of their registration in the preliminary list referred to in paragraph 10.

Furthermore, as per the directive, removal from the central registry occurs either within one month from the date of return of a cheque as unpaid, or after twelve months from the proven settlement of all bounced cheques for the registered person.

Alternatively, removal can occur after six years have elapsed, starting from the last registration of a bounced cheque related to that person, and following the submission of a sworn statement to the District Court declaring the absence of ongoing legal proceedings against them regarding the cheques registered in the central registry.