Regulatory Alerts2021-01-01
Instructions No. 8 Regarding Payment Orders
The Palestine Monetary Authority issued Instructions No. 8 of 2021 to regulate and standardize the secure and transparent execution of payment orders by licensed payment service providers. The directive establishes precise definitions, mandates immediate execution of payer-initiated orders, and outlines strict conditions for rejection, suspension, and cancellation, particularly regarding fraud, insufficient funds, and regulatory requests. It further imposes comprehensive obligations on service providers regarding transaction information disclosure, loss/theft reporting procedures, currency conversion limits, and full liability for unauthorized transactions, while repealing previous payment order regulations effective June 23, 2021.
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