Regulatory Alerts2022-01-01
Instructions No. 1 of 2022 Regarding Membership in the National Key System 194
The Palestine Monetary Authority issued Instructions No. 1 of 2022 to regulate membership, operational rules, and financial obligations for banks and payment service companies within the National Key System 194. The directive mandates membership for all licensed banks and POS service providers, establishing specific fee structures for cash withdrawals, balance inquiries, and merchant discounts, alongside strict technical and security compliance requirements. It further defines settlement procedures via the Barak system, outlines dispute resolution mechanisms, and sets fixed monthly membership fees to ensure the system's integrity and operational continuity.
Share