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On March 26, 2026, the Central Bank of Malta (CBM) published an updated text of CBM Directive No. 19 governing the use of cheques and bank drafts. The Directive establishes the regulatory framework for cheques and bank drafts where the payer, payee, and regulated institutions servicing these paper-based instruments are all located in Malta. The updated Directive introduces several revisions to strengthen the framework governing paper-based payment instruments and support the shift towards safer and more efficient payment methods. Key amendments include an increase in the minimum value for cheque issuance, a reduction in the validity period of cheques, and a requirement for the mandatory deposit of cheques into a payment account. These changes reflect the CBM's commitment to ensuring the framework remains clear, effective, and aligned with evolving payment practices and technological developments in the payments landscape. The updated provisions will come into force on January 1, 2027, providing regulated institutions and customers with sufficient time to adapt to the new requirements. REFERENCES: Central Bank of Malta. (2026, March 26). Central Bank of Malta updates CBM Directive No. 19. Retrieved from https://www.centralbankmalta.org/