Regulatory Alerts2012-01-01
Instructions No. (2012/04) to All Money Changer Companies and Shops in Palestine: Counterfeit Currency
The Palestine Monetary Authority issued Instructions No. (2012/04) mandating all money changer companies and shops in Palestine to implement strict anti-counterfeiting measures effective immediately. The directive requires staff to undergo specialized training, utilize detection equipment, exercise heightened caution during cash transactions, and immediately report suspicious funds to internal auditors and the General Investigation Department. Additionally, institutions must retain counterfeit notes pending official investigation and formally document incidents using Report No. (13) in compliance with Article 244 of the Penal Code.
Palestine Monetary Authority
Palestine Monetary Authority
Instructions No. (2012/04)
To All Money Changer Companies and Shops Operating in Palestine Date: Tuesday, September 25, 2012
Subject: Counterfeit/Forged Currency
In its commitment to combating the phenomenon of currency counterfeiting and forgery, the Palestine Monetary Authority requests all money changer companies and shops operating in Palestine to take the following measures to combat counterfeit currency:
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Qualify and train all employees in money changer companies and shops who handle cash on how to detect counterfeit/forged currency and the procedure for handling it.
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Exercise the necessary precision and care during the process of receiving cash from customers.
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Provide a counterfeit/forgery detection machine at the premises of money changer companies and shops.
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Notify the internal auditor "if available" when employees suspect that funds are counterfeit/forged.
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Submit a report to the Palestine Monetary Authority via the email address of the accounting software program used by money changer companies and shops, Report No. (13) regarding suspicious transactions.
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Retain the counterfeit/forged amounts with the money changer and document the incident through an official report including (the suspect's name, national ID number and a copy thereof, the report number, denominations and serial numbers and a copy thereof, and an explanation of the transaction) until the arrival of official authorities (General Investigation Department).
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Notify the official authorities (General Investigation Department) of the incident in accordance with Article No. (244) of the Penal Code.
Accordingly, all money changer shops and companies are requested to commence operations in accordance with these instructions effective from the date of issuance.
Supervision and Inspection 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: 08-2844487 E-mail: info@pma.ps www.pma.ps
Ramallah - Al Bireh P.O. Box: 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box: 4026 - Tel.: 08-2825713 - Fax: 08-2844487