Regulatory Alerts2011-01-01
Circular No. 73 Risks of Using Magic Pens
The Palestine Monetary Authority issued Circular No. 73 to warn all licensed banks against using Chinese "magic pens" for signing official transactions and checks. The directive highlights that these pens use fugitive ink that vanishes from documents within one to four hours, intentionally rendering signed instruments worthless. Banks are strictly advised to prohibit the use of such pens by customers to prevent financial fraud and ensure the integrity of banking operations.
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