LogoRegulatory Alerts
2024-01-01

Instructions No. 13 of 2024 Amending Instructions No. 7 of 2024 on the Launch of the Instant Payment System

The Palestine Monetary Authority issued Instructions No. 13 of 2024 to amend the financial ceilings and penalty provisions for the Instant Payment System. The regulation establishes specific transaction limits for individuals and legal entities, including a $10,000 single transaction cap and a $50,000 monthly aggregate limit. It also defines operational failure thresholds, such as connection disconnections and payment rejections, that trigger regulatory penalties under the National Payments Law.

Palestine Monetary Authority logo

Palestine

Palestine Monetary Authority

Click to view thumbnail

Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Instructions No. (13) of 2024

Regarding the Amendment of Instructions No. (7) of 2024 on the Launch of the Instant Payment System

Based on the provisions of Law No. (9) of 2010 concerning Banks, particularly the provisions of Articles (3, 13, 72) thereof, And based on the provisions of Law No. (41) of 2022 concerning National Payments, particularly the provisions of Articles (7, 17, 18) thereof, And subsequent to Instructions No. (7) of 2024 on the Launch of the Instant Payment System, and Instructions No. (8) of 2024 concerning the Instant Payment System, And based on what was approved by the Board of Directors of the Palestine Monetary Authority in its meeting No. (279) dated 25/09/2024, And based on the powers delegated to us, And in pursuit of the public interest, We have issued the following Instructions:

Article (1)

Definitions

Original Instructions: Instructions No. (7) of 2024 on the Launch of the Instant Payment System.

Article (2)

Financial Ceilings

The text of Article (3) of the Original Instructions is replaced with the following text:

  1. The Member must adhere to the maximum limits (Financial Ceilings) for instant payment and transfer operations through the system as follows:

    a. The maximum allowed transfer limit at the level of a single transaction for each natural or legal person is (10,000) ten thousand US dollars or its equivalent in other currencies, whether the transfer mechanism is in the form of individual transactions or in the form of consolidated transactions in a single file.

    b. The maximum limit for the total value of instant payment and transfer transactions executed from the natural person's account during the day is (30,000) thirty thousand US dollars or its equivalent in other currencies.

    c. The maximum limit for the total value of instant payment and transfer transactions executed from the natural person's account during the month is (50,000) fifty thousand US dollars or its equivalent in other currencies.

  2. A Member other than payment companies may agree with a legal entity on the maximum limit for payment and transfer transactions within the ceilings specified in Item (1) of this Article.

  3. The ceilings for payment and transfer transactions from electronic wallets shall be as stipulated in the relevant instructions concerning electronic wallets.

Article (3)

Penalties

The text of Article (7) of the Original Instructions is replaced with the following text:

  1. Anyone who violates the provisions of these Instructions shall be punished in accordance with the provisions of Law No. (41) of 2022 concerning National Payments.

  2. Based on Paragraph (1) of this Article, the Palestine Monetary Authority has the right to impose penalties on the Member in the event of committing one or more of the following violations:

    a. Rejecting (20) transactions or 2% of incoming transactions, whichever is less, for the Member within one day (borne by the receiving Member).

    b. Rejecting 1% or more of incoming transactions in a single month (borne by the receiving Member).

    c. The Member's temporary and repeated disconnection from the system, or a single disconnection (Disconnect), for half an hour or more during the day, except for planned cases previously approved by the Palestine Monetary Authority.

    d. Rejecting (10) transactions or more due to insufficient balance in the sender Member's iBURAQ account within one day.

    e. Failure to credit the transaction to the beneficiary's account immediately after sending the transaction acceptance notification (borne by the receiving Member).

Article (4)

Cancellation of Conflicts

  1. The articles related to operations on internal transfers stipulated in Instructions No. (4) of 2023 on payment transactions and transfers within the ceilings specified in Article No. (2) of these Instructions are repealed.

  2. Everything that conflicts with the provisions of these Instructions is repealed.

Article (5)

Implementation and Retroactivity

All competent authorities must implement the provisions of these Instructions within their respective jurisdictions, and they shall apply as of the date 27/10/2024.

Issued in Ramallah on: 17/10/2024.

Dr. Firas Malham Governor (Signature)

www.pma.ps

Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 - فلسطين ص.ب - محافظة رام الله والبيرة info@pma.ps | Fax: +970 2 2415310 : فاكس | Tel: +970 2 2415251 : هاتف | Postal code: P6160675 : الرمز البريدي

Share