Regulatory Alerts2017-01-01
Instructions No. 7 of 2017 Regarding the Amendment of Instructions and Security and Technical Specifications for Cheques No. 6 of 2017
The Palestine Monetary Authority issued Instructions No. 7 of 2017 to amend the security and technical specifications for cheques under Instructions No. 6 of 2017. The amendments mandate that cheque metallic marks be magnetic holograms, kinigrams, foils, or other non-removable types, and require Matrix Bar Codes to contain unique customer identification data (national ID or tax registration number) verifiable by the issuing bank using dedicated equipment. Licensed banks in Palestine must comply with these revised security standards and begin printing and issuing cheques accordingly within three months of the instructions' issuance on June 5, 2017.
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