Regulatory Alerts2018-01-01
Circular No. 167: Delivery of Remittance to Beneficiary in a Currency Other Than the Original
The Palestine Monetary Authority issued Circular No. 2018/67 to address citizen complaints regarding remittances being delivered in currencies different from the original. The directive mandates that all licensed money changers in Palestine must obtain a separate, signed written consent from beneficiaries before disbursing funds in any currency other than the one originally sent. This requirement aligns with existing financial remittance instructions and aims to enhance transparency, protect consumer rights, and ensure clear disclosure of currency exchange terms.
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