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.
[Logo of the Palestine Monetary Authority]
PALESTINE MONETARY AUTHORITY
Circular No. (214/2022)
To all exchange companies operating in Palestine
Date: Monday, September 19, 2022
Subject: Money Transfers
In light of numerous complaints regarding certain exchange companies failing to deliver money transfers to beneficiaries in the same currency as sent, and based on Legislative Decree No. (40) of 2022 concerning the licensing and regulation of the money exchange profession and Instructions No. (06) of 2022 concerning money transfers, all exchange companies providing money transfer services must issue and deliver money transfers to customers in the same currency, unless otherwise agreed upon in writing.
Appropriate legal measures will be taken against non-compliant companies, including reconsideration of the approvals granted to them to conduct money transfer activities.
Supervision Group Palestine Monetary Authority
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps Gaza - Palestine P.O. Box 4026 Tel: +970 8 2825713 | Fax: +970 8 2844487