Regulatory Alerts2023-01-01
Instructions No. 17 of 2023 Regarding the Reversal of Bounced Check Fees Due to Insufficient Funds
The Palestine Monetary Authority issued Instructions No. 17 of 2023 mandating licensed banks to reverse bounced check fees due to insufficient funds for designated vulnerable categories between November 1 and December 31, 2023. The directive requires financial institutions to apply the reversal to public sector employees, affected private sector workers, artisans, self-employed professionals, and micro-enterprises, while enforcing strict verification that bounced check values correspond to either monthly net income or historical average account activity. All relevant authorities must implement these measures immediately to alleviate the financial burden on affected populations during the ongoing conflict.
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