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AUB implements new electronic cheque clearing system – Move in line with Central Bank of Kuwait’s latest regulations

electronic cheque clearing systemKUWAIT CITY, June 14: Ahli United Bank (AUB) announced today that it will soon stop receiving and processing cheques in Kuwaiti Dinars that are not in line with the latest standards and security features outlined by the Central Bank of Kuwait.

The Bank’s latest initiative reflects its commitment to the Central Bank of Kuwait’s regulations which aim at protecting and safeguarding customers’ rights and overall interest.

AUB has requested from its clients that process cheques from general press companies and not through the bank, to begin printing their personal cheques from authorized entities only as soon as possible, taking into consideration that customers, will need to refer back to AUB to provide them with the latest standards and security features before printing the cheques.

Moreover, it is crucial to abide by the new regulations to guarantee the acceptance of the cheques through the Kuwait Electronic Cheque Clearing System (KECCS), which has minimized the approval cycle of cheques from 3 days to the same day for specific cases or to the next working day in other cases.

In addition to, AUB has emphasized the importance of maintaining the overall security of customers’ cheques. Customers need to ensure that the MICR line is printed at the bottom of their cheques, while also avoiding writing or signing over the MICR line. Cheques must be kept in good conditions by avoiding folding, damaging, stapling or tearing them and storing them away from direct sunlight and increased temperatures which may damage them.

AUB is committed to further developing all requirements and enhancing regulatory procedures in an effort to serve the best interest of its customers.

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