Regulatory Alerts2018-01-01
Circular No. 122: Final Deadline for Printing Checks with New Specifications
The Palestine Monetary Authority issued Circular No. 122 to establish a final compliance deadline for banks to print checks meeting updated security and technical specifications. The directive grants banks a final extension until June 30, 2018, to submit a final sample of compliant check papers for regulatory approval. Any checks printed after this deadline that fail to meet the mandated specifications are strictly prohibited, and non-compliance will trigger enforcement actions under applicable laws and regulations.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2018/122)
To all banks operating in Palestine
Date: Thursday, June 07, 2018
Subject: Final Deadline for Printing Checks with New Specifications
Further to our Instructions No. (6) of 2017 and its amendments regarding the security and technical specifications for check papers, and in light of the expiration of the timeframes granted to banks to commence printing checks according to the new specifications, and considering the approaching launch date of the Electronic Clearing Project (ECC), and in light of numerous follow-ups and meetings with banks attended by representatives of supplying companies, we hereby confirm the following:
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Banks were granted a time limit of six months under the aforementioned instructions to commence printing checks, which expired on 19/10/2017.
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Banks were granted an additional seven-month deadline, which expired on 31/05/2018, to complete providing samples in accordance with the requirements of the aforementioned instructions.
Accordingly, it has been decided as follows:
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Banks are granted an additional and final deadline ending on 30/06/2018, with full compliance required to provide a final sample of check papers meeting the security and technical conditions and specifications, and to submit it to the Palestine Monetary Authority for approval prior to the aforementioned final deadline.
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Printing checks that do not comply with the conditions and requirements of the security and technical specifications instructions is prohibited after the expiration of the aforementioned final deadline.
Otherwise, necessary measures will be taken in accordance with the law and instructions.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Palestine PO. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Fax: +970 2 2415310 | Tel: +970 2 2415250 | Ramallah - Palestine P.O. Box 452
Gaza - Palestine PO Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Fax: +970 8 2844487 | Tel: +970 8 2825292 | Gaza - Palestine P.O. Box 4026
Email: info@pma.ps | Email: info@pma.ps