Regulatory Alerts2019-01-01
Circular No. 122 Caution and Care Regarding Suspected Counterfeit or Forged Currencies
The Palestine Monetary Authority mandates all Palestinian banks to exercise heightened caution when processing cash deposits and Euro currency exchanges due to suspected attempts to circulate counterfeit notes through branch counters and ATMs. Banks must fully comply with Instructions No. (12/2012) by reporting suspected counterfeit currency to the Public Prosecution under Article 244 of the Penal Code and notifying the Authority. Additionally, institutions are required to submit suspicion reports to the Financial Monitoring Board per Legislative Decree No. (20) of 2015 and conduct regular inspections of currency counting machines to meet Circular No. (169/2013) specifications.
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