Regulatory Alerts2021-01-01
Palestine Monetary Authority Instruction No. 8 of 2021 Regarding Payment Orders
The Palestine Monetary Authority issued Instruction No. 8 of 2021 to regulate the execution of payment orders by licensed payment service providers, replacing the previous 2020 instruction. The regulation mandates strict protocols for payment authorization, execution, cancellation, and refusal, while requiring providers to disclose specific transaction details to both payers and beneficiaries. It further establishes provider liability for lost or stolen payment instruments and restricts currency conversion to the electronic account maintenance process.
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