Regulatory Alerts2017-01-01
Circular No. 17: Accuracy in Reporting Bounced Cheque Data
The Palestine Monetary Authority issued Circular No. 2017/17 to mandate increased accuracy in reporting bounced cheque data by all Palestinian banks. To mitigate negative impacts on customer credit ratings and system classification, the circular raises the penalty fee for each bank error in cheque files from 50 to 100 New Israeli Shekels, effective January 29, 2017. The directive explicitly prohibits banks from passing this penalty fee on to customers, requiring them to absorb the cost directly.
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