Regulatory Alerts2019-01-01
Circular No. 123/2019: Caution and Vigilance Regarding Suspected Counterfeit or Forged Currencies
The Palestine Monetary Authority issued Circular No. 123/2019 requiring all licensed exchangers in Palestine to exercise heightened vigilance when processing Euro currency exchanges and remittances due to suspected counterfeit circulation. The directive mandates strict compliance with Instruction No. (2012/04), including immediate reporting of suspected forged notes to the Public Prosecution under Penal Code Article 244 and notifying the regulator. Additionally, exchangers must file suspicious transaction reports with the Financial Monitoring Unit per Law Decree No. (20) of 2015 and upgrade their currency verification machines to meet specific infrared, ultraviolet, hydrological, and magnetic detection standards.
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