Regulatory Alerts2012-01-01
Instructions No. 4 of 2012 Regarding Counterfeit Currency
The Palestine Monetary Authority issued Instructions No. 4 of 2012 mandating all licensed exchange companies and offices in Palestine to implement strict anti-counterfeiting protocols. The directive requires comprehensive staff training on counterfeit detection, mandatory installation of detection machines, and rigorous verification procedures when handling customer cash. Furthermore, it establishes a mandatory reporting framework for suspicious transactions, requires the immediate retention of suspected counterfeit notes with full documentation, and compels notification of the General Investigations Department in compliance with Article 244 of the Penal Code.
Palestine Monetary Authority
Palestine Monetary Authority
Instructions No. (2012/04)
To all exchange companies and offices operating in Palestine
Date: Tuesday, September 25, 2012
Subject: Counterfeit Currency
In its commitment to combat the phenomenon of currency counterfeiting, the Palestine Monetary Authority requests all exchange companies and offices operating in Palestine to adopt the following measures to combat counterfeit currency:
- Qualify and train all employees in exchange companies and offices who handle cash on how to detect counterfeit/forged currency and the procedure for handling it.
- Exercise due diligence and necessary care during the process of receiving cash amounts from customers.
- Provide a counterfeit detection machine at the premises of exchange companies and offices.
- Notify the supervisor ("if available") when employees have suspicions that funds are counterfeit/forged.
- Submit a report to the Palestine Monetary Authority via the email of the accounting software applied by exchange companies and offices, Report No. (13) regarding suspicious transactions.
- Retain the counterfeit/forged amounts with the exchange officer and document the incident through a report including (the suspect's name, ID number and a copy thereof, the amount, denominations and their serial numbers and copies thereof, and a description of the transaction) until the arrival of official authorities (General Investigations Department).
- Notify the official authorities ("General Investigations Department") of the transaction in accordance with Article No. (244) of the Penal Code.
Accordingly, all exchange offices and companies are requested to commence implementation of these instructions effective from the date of issuance.
Inspection and Supervision Department
Palestine Monetary Authority
Ramallah - Al-Bireh - P.O. Box: 452 - Tel: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box: 4026 - Tel: 08-2825713 - Fax: 08-2824487
E-mail: info@pma.ps
www.pma.ps