Abu Dhabi – Mubasher: The Central bank of the UAE (CBUAE) directed banks working in the UAE to refuse cheques that do not bear the payee’s name nor marked “Cash” or “The Bearer”.

This decision shall be effective as of mid-October, according to a recent official statement.

The CBUAE stressed on the importance of the clear mentioning of the payee’s entity, in order to protect banks and the UAE’s banking system.

Cheque clearing will not be carried out through the central bank’s system if the cheque does not bear the payee’s name, the CBUAE’s circular added.