Regulatory Alerts2011-01-01
Circular No. 104 Theft and Forgery of Check Documents
The Palestine Monetary Authority issued Circular No. 104 (2011) directing all Palestinian banks to strictly enforce precautionary measures from Circular No. 2007/120 concerning the external printing of check books. Financial institutions must implement rigorous verification protocols to authenticate check documents, validate all recorded data, and confirm signature legitimacy before processing any withdrawals. This mandatory directive addresses recent intelligence and media reports regarding a suspect network actively stealing and forging checks from local banks.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. 104 (2011) To all banks operating in Palestine Date: Thursday, June 09, 2011
Subject: Theft and Forgery of Check Documents
In light of the Palestine Monetary Authority's commitment to the safety of banking transactions, and in light of news reports from some news agencies regarding a group of suspects stealing and forging check documents from certain banks, all banks are requested to comply with PMA Circular No. (2007/120) dated 2007/08/27, Item (4/B), concerning the precautionary measures to be followed in case of printing check books outside the bank. All banks are also requested to take the necessary measures to verify the authenticity and integrity of check documents, the data recorded on them, and the validity of signatures before executing any withdrawal process.
Public Relations and Market Discipline Department Palestine Monetary Authority
Ramallah - Al Birah P.O.Box 452 - Tel: 02-2409920 - Fax: 02-2409922 Gaza - P.O.Box 4026 - Tel: 08-2826713 - Fax: 08-2844487 E-mail: info@pma.ps www.pma.ps
Ramallah - Al Birah - P.O. Box: 452 - Tel: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box: 4026 - Tel: 08-2826713 - Fax: 08-2844487