Implementation of Bank Negara Malaysia’s New Cheque Truncation and Conversion System (CTCS)

Bank Negara Malaysia (BNM) is Central Bank of Malaysia. (To find out more on BNM, please click here)

Recently BNM has issued revised guidelines on new cheque book w.e.f 1 July 2008.

To view the guidelines, kindly click here.

One of the new guideline is:-

COMPANY STAMP/CHOP/PERSONAL SEAL WILL NOT BE ALLOWED OR REQUIRED ON CHEQUES

The pro of this new implementation is that it would be less work for me. I do not have to chop the company stamp on the company’s cheque book anymore.

The con of this new implementation is that if the company’s cheque book is in the wrong hands, then the person can forge the signatures of the signatories and subsequently transactions can take place.

I would have still preferred to do more work so that there is still an extra security measure to deter forgery to happen. But alas I cannot have my preference. So I need to exercise carefulness and make sure I lock the drawer containing the cheque book if I am not at my desk in the office.