Regulatory Alerts2022-01-01
Circular No. 214/2022 on Money Transfers
The Palestine Monetary Authority mandates that all licensed exchange companies operating in Palestine must issue and deliver money transfers to beneficiaries in the exact same currency as sent, unless a written agreement specifies otherwise. This requirement, enforced under Legislative Decree No. 40 of 2022 and Instructions No. 06 of 2022, directly addresses numerous consumer complaints regarding unauthorized currency conversions. Companies failing to comply will face legal measures, including the reconsideration or revocation of their money transfer operating approvals.
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