Regulatory Alerts2019-01-01
Circular No. 172/2019: Developmental Provisions Amended on the Returned Cheques System Version
The Palestine Monetary Authority issued Circular No. 172/2019 to implement developmental amendments to the returned cheques system and amicable settlements framework. The circular mandates that banks archive historical returned cheques once the legal disclosure period expires, adopt ISO nationality codes for client files, and transition from paper-based to system-based amicable settlements for clients reclassified to grade E. Banks are required to disseminate these updated procedures to relevant staff and ensure full compliance effective immediately upon issuance.
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