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.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. 73 (2011/73)
To all banks operating in Palestine
Date: Monday, May 02, 2011
Subject: Risks of Using Magic Pens
In light of the Palestine Monetary Authority's commitment to the safety of banking transactions, please exercise caution and be aware of the risks associated with using Chinese pens known as "magic pens," whose ink disappears from contracts and checks within a period ranging from one hour to four days after writing. Therefore, we advise against using customer pens to sign official transactions and checks, as these Chinese pens resemble ordinary pens but differ in the type of ink used, which is of a fugitive nature that disappears from official documents, contracts, and checks after they are issued, with the intent of rendering them worthless.
Directorate of Supervision and Inspection
Palestine Monetary Authority
Ramallah - Al Birah P.O. Box 452 - Tel: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box 4026 - Tel: 08-2825713 - Fax: 08-2844487
E-mail: info@pma.ps
www.pma.ps
Ramallah - Al Birah - P.O. Box: 452 - Tel: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box: 4026 - Tel: 08-2825713 - Fax: 08-2844487