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Cameroon: Société Générale is leading a front against savings books abolished 23 years ago

30/05/2022
Categories: Companies

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Société Générale could sue customers claiming savings accounts that were cancelled 23 years ago. And for good reason, article 38 of the law to prevent and suppress money laundering and terrorist financing in Central Africa states that banks must keep their clients' documents for 10 years, from the date of closure of their accounts or the termination of their relationships.

Savings books recovered since 1999 and abolished cannot today be invoked against the bank, nor can the effects that may be attached to them , as it is impossible to separate the accounting document that is no longer legally in the bank's possession from the rights that may be attached to that document. According to Société Générale du Cameroun, to date, customers cannot hold savings books and make use of them “without having voluntarily and fraudulently evaded this obligation to return the savings books.” At the same time, it declines all responsibility for this savings book, which was abolished more than two decades ago and could be presented at its offices, and reserves the right to take legal action against persons wishing to s& Rsquo; to prevail.

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