RegAlertRule · PMA · 18 Aug 2022
Circular No. 192/2022: Statistical Data for the Returned Checks System
The Palestine Monetary Authority issued Circular No. 192/2022 requiring all operating banks to amend their returned checks systems to declare checks drawn on customers through internal clearing, branch tellers, and in favor of Israeli and foreign banks. Banks must update their data files to assign code (1) to the action type and code (00) to the return reason for these specific checks, while implementing automated account number validation against the banking accounts database to reject mismatches. These system modifications and corresponding screening database updates will take effect on September 18, 2022.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (192/2022)
To all banks operating in Palestine
Date: Thursday, August 18, 2022
Subject: Statistical Data for the Returned Checks System
In the context of continuing to develop and amend the returned checks system, and with the aim of obtaining accurate and comprehensive data regarding checks, and based on Instructions No. (2017/2) concerning returned checks, settlements, stopped checks, and lost checks, the returned checks files have been amended by adding the declaration of checks drawn on bank customers as follows:
- Declaration of checks drawn on bank customers through internal clearing and branch teller windows.
- Declaration of checks drawn on bank customers in favor of Israeli and foreign banks.
This is done through the branch checks file sent daily by banks according to the data file format for returned checks for branches and Israeli and foreign clearing, where an additional option has been added to the following items:
- Action Type Item: Declaration of checks drawn on bank customers through internal clearing and branch teller windows, and checks drawn on Israeli and foreign banks, using the code (1).
| Check Drawn | 1 |
| Check Returned | 2 |
| Returned Check Settlement | 3 |
- Return Reason Item: Declaration of checks drawn on bank customers through internal clearing and branch teller windows, and checks drawn on Israeli and foreign banks, which carry the action type code (1), using the return reason code (00).
- The unified account number of the drawer declared in the returned checks file will be matched with the customer's primary account number declared in the banking accounts system database. Consequently, customer data will not be added to the returned checks system if the account numbers do not match or are unavailable in the banking accounts databases, and an error message indicating this will appear when processing the returned checks file.
Accordingly, all banks are required to begin modifying their systems in accordance with the above, as these amendments will take effect starting from September 18, 2022. Note that the screening databases will be available from that date to commence screening operations.
Financial Stability Group
Palestine Monetary Authority
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