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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2018/67)
To all money changers operating in Palestine
Date: Tuesday, July 31, 2018
Subject: Delivery of Remittance to Beneficiary in a Currency Other Than the Original
In light of complaints received from citizens regarding the delivery of incoming remittances in a currency different from the one sent, and in order to enhance transparency and disclosure principles for customers and protect their rights, and pursuant to Instructions No. (2017/01) dated 2017/10/30 concerning financial remittances, which stipulate that a remittance must be delivered to the beneficiary in the same currency as sent, unless the beneficiary requests otherwise in writing, all money changers are required to provide a separate acknowledgment form, distinct from the remittance receipt form, to be signed by the beneficiary confirming their written consent to receive the remittance value in a currency other than the one originally sent.
Market Discipline Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487
Email: info@pma.ps
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487
Email: info@pma.ps
www.pma.ps