Regulatory Alerts2022-01-01
Circular No. 255/2022 - Operational Events and Risks for Money Changers
The Palestine Monetary Authority issued Circular No. 255/2022 to mandate money changers in Palestine to mitigate operational risks by maintaining valid insurance coverage commensurate with cash holdings and installing fire alarm and suppression systems linked to police and civil defense. The directive strictly requires synchronization of surveillance camera timestamps with local accounting system time, daily reconciliation and documentation of cash balances against accounting records, and immediate reporting of any operational incidents via designated email channels. Compliance with these operational safeguards and reporting protocols is enforced to ensure the stability and security of the Palestinian money exchange sector.
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