Cyprus parliament approves legislation for digital check deposits

On October 22, 2026, the plenary of the House of Representatives of Cyprus unanimously passed two government bills aimed at digitizing banking transactions. The legislation, comprising the Bills of Exchange (Amendment) Law and the Criminal Code (Amendment) Law, enables citizens and businesses to deposit checks remotely via mobile banking applications or electronic systems without the need for physical visits to bank branches.

The new legal framework allows for the submission of clear digital images of both sides of a check. Additionally, the amendment to Article 305A of the Criminal Code introduces an alternative to the traditional physical stamping process, permitting the electronic recording of reasons for non-payment regarding checks without sufficient funds. These reforms were reviewed by the Parliamentary Committee on Finance and Budget during sessions held on September 28, October 5, and October 12.

The initiative is designed to reduce bureaucracy and save time for both individuals and companies. While the move represents a significant step in the digital transformation of the Cypriot banking sector, the committee had previously addressed concerns regarding potential risks, such as forgery, during the legislative review process. The enactment of these laws marks the transition from manual, paper-based verification to an integrated digital system.