Regulatory Alerts2021-01-01
Instructions No. (1) of 2021 Regarding Electronic Check Clearing
The Palestine Monetary Authority issued Instructions No. (1) of 2021 to mandate electronic check clearing for all licensed banks through its supervised Clearing System. The regulations establish compulsory membership, define permitted currencies, and impose strict technical, security, and operational obligations on beneficiary and drawee members regarding check processing, image standards, and record retention for at least fifteen years. Furthermore, the directives stipulate precise clearing session schedules, automated rejection protocols, final settlement procedures via the Baraq system, and penalties for non-compliance, thereby repealing the previous 2018 electronic clearing instructions.
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