Regulatory Alerts2022-01-01
Circular No. 124 Counting and Inspection of Banknotes
The Palestine Monetary Authority issued Circular No. 124/2022 mandating all Palestinian banks to immediately implement strict measures against banknote counterfeiting and money laundering. The directive requires financial institutions to regularly calibrate counting machines to meet current security standards, detect and segregate counterfeit and damaged notes, and document all inspection processes digitally. Additionally, banks must enhance staff training on forgery detection, report suspected counterfeit notes to General Security and the Financial Monitoring Unit, prevent the dispensing of outdated banknote issues via counters and ATMs, and assist citizens in verifying note authenticity.
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