Regulatory Alerts2024-01-01
Circular No. 11 Automated Supervision System (SupTech) – Money Changers – 2024
The Palestine Monetary Authority issued Circular No. 11/2024 to require all money changers in Palestine to implement and integrate their accounting systems with the new Automated Supervision System (SupTech). The directive mandates close coordination between money changers and accounting system providers to ensure financial data reports are accurately and effectively reflected in the platform, following completed readiness tests and established operational arrangements. Full compliance depends on direct system integration that aligns with the newly available supervisory reporting templates.
Palestine Monetary Authority
Circular No. 11/2024 To All Money Changers in Palestine Date: Sunday, 10 March 2024
Subject: Automated Supervision System (SupTech)
In the context of the Automated Supervision System project at the Palestine Monetary Authority, and following the meetings, follow-ups, and arrangements implemented with the accounting system companies that interact with it, as well as conducting the necessary tests to complete the readiness of financial reports and data for the money changing sector and providing them in accordance with the new supervisory forms available on the Automated Supervision System, we hereby inform you that the system will be implemented and connected to your accounting systems. Accordingly, you are requested to coordinate and cooperate with the accounting system companies to effectively reflect your company's financial data reports on the new system.
Supervision Department Palestine Monetary Authority