Regulatory Alerts2026-02-19
Added
Circular No. 22/2026: Quick Financial Transfers
The Palestine Monetary Authority mandates banks to monitor and process pending quick financial transfers back to the sender if the beneficiary fails to collect them within the specified delivery period, requiring documented evidence of such actions. Banks must also implement mechanisms to track and resolve uncollected pending transfers across all levels of the bank and its agents, and must verify transaction parties against sanctions and watchlists before executing transfers on quick transfer systems.
PALESTINE MONETARY AUTHORITY
Circular No. (22/2026) To all banks operating in Palestine Date: Thursday, 19 February 2026
Subject: Quick Financial Transfers
With the aim of safeguarding customer rights and ensuring the integrity of quick financial transfers, and to minimize risks and prevent citizens from falling victim to fraud schemes and losing their money, the Palestine Monetary Authority emphasizes the following requirements:
- Monitor the reversal of pending quick financial transfers on quick transfer systems in favor of the person requesting the transfer issuance; this applies in cases where the beneficiary is unable to collect the transfer within the time period specified for delivery under the service provision terms and the contract agreement signed between the bank and the quick transfer company, and such actions must be documented.
- Establish mechanisms and measures that ensure the monitoring and processing of pending uncollected quick transfers at the level of the bank/primary agent and sub-agents.
- Inquire about the parties to transfers on sanctions lists and watchlists before executing them on quick transfer systems in accordance with established procedures.
Supervision Group Palestine Monetary Authority
www.pma.ps Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452 Postal code: 6160675 Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps