RegAlertRule · PMA · 19 Sep 2022
Circular No. 214/2022 on Money Transfers
The Palestine Monetary Authority mandates that all licensed exchange companies operating in Palestine must issue and deliver money transfers to beneficiaries in the exact currency sent, unless a written agreement specifies otherwise. This directive responds to numerous consumer complaints and is issued under Legislative Decree No. 40 of 2022 and Instructions No. 06 of 2022. Non-compliant firms will face legal action, including potential revocation or reconsideration of their money transfer operating licenses.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (214/2022)
To all exchange companies operating in Palestine
Date: Monday, September 19, 2022
Subject: Money Transfers
Given the numerous complaints regarding certain exchange companies failing to deliver money transfers to beneficiaries in the same currency as sent, and in accordance with Legislative Decree No. (40) of 2022 concerning the licensing and regulation of the exchange profession and Instructions No. (06) of 2022 concerning money transfers, all exchange companies providing money transfer services must issue and deliver money transfers to customers in the same currency, unless otherwise agreed in writing.
Appropriate legal measures will be taken against non-compliant companies, including the reconsideration of approvals granted to them to conduct money transfer activities.
Supervision Group
Palestine Monetary Authority
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Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps Gaza - Palestine P.O. Box 4026 Tel: +970 8 2825713 | Fax: +970 8 2844487
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The links and the sentences they come from (2)
- Issued under
“in accordance with Legislative Decree No. (40) of 2022 concerning the licensing and regulation of the exchange profession”
- Instructions No. (06) of 2022 concerning money transfersNot in RegAlert
“and Instructions No. (06) of 2022 concerning money transfers”
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