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My client did not commit a crime - the cheque was stolen and submitted to the bank.
The Cheque Chain initiative is the beginning of a significant strategy by Emirates NBD to integrate blockchain technology into existing products and services, with the objective to implement global-best digital security systems in line with the digitalisation of its products, processes and services.
Under the new system, customers will be able to withdraw the funds -- and be certain that the cheque won't be returned unpaid -- by the end of the next weekday after paying in a cheque.
The volume of SWIFT transactions on a daily average basis was almost double that of cheque transactions, whereas in value terms, SWIFT transactions were nearly 13 times that of the cheque transactions.
1) that the cheque was not due for payment and was stolen (provided, most of the time, that a criminal complaint was filed to report the lost or stolen cheque before the beneficiary lodged the cheque with the police); or (2) if the transaction underlining the payment of the cheque was an illegal transaction contrary to UAE Public Policy, such as gambling.
And he claimed that the Indian had conned him -- by writing the cheque himself and cashing it, in the knowledge it would bounce and get the accused into trouble.
When paper cheques are paid into banks, they end up going on a journey around the country, travelling to the clearing centres of both the bank collecting the cheque and the paying bank so that sort codes, account numbers, and signatures can be checked for fraud and to establish there are sufficient funds.
NCR provided software for this cheque processing system with image-based cheque clearing solution, financial details of which were not available.
Therefore, using old design cheques would result in a delay in cheque clearing.
66 AED per USD with maximum amount of a cheque being 40,000 AED
Buhijji clarified that the clearing of cheques is now conducted using the processing system, The Bahrain Cheque Truncation System (BCTS).
Cross-border cheques account for less than 1%of all cheque payments compared to approximately 10% of electronic cross border payments.