Regulatory Alerts2017-01-01
Instructions No. 2 on Returned Cheques, Settlements, and Stopped and Lost Cheques
The Palestine Monetary Authority issued Instructions No. 2 (2017) to automate banking operations and mitigate credit and operational risks by mandating the use of centralized systems for returned, stopped, and lost cheques, as well as amicable settlements. The regulations impose strict compliance obligations on banks, including mandatory customer data verification, standardized return reasons, and specific fee structures for settlement requests and error corrections. Furthermore, the Instructions repeal numerous prior directives and circulars, establishing a unified regulatory framework effective February 5, 2017.
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