Circular No. 255/2022 - Operational Events and Risks for Money Changers

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[Logo of the Palestine Monetary Authority]

Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY

Circular No. (255/2022)
To All Money Changers Operating in Palestine Date: Wednesday, October 12, 2022

Subject: Operational Events and Risks

In order to ensure the safety and stability of the financial sector in Palestine, and to mitigate operational risks that money exchange offices and companies may face, along with any resulting risks, we emphasize the necessity of the following:

1. Ensure the provision of a valid insurance policy commensurate with the volume of cash funds held by the money changer.
2. Ensure the provision of fire alarm and extinguishing equipment, and connect them to the police and civil defense authorities.
3. Strict compliance with the following is required:
   a. Requirements of Instructions No. (1) of 2021 regarding cameras, and ensuring that camera recording times are synchronized with the time set on the accounting system according to local time. b. Inventory and reconcile cash balances with accounting system balances at the end of each working day, and document the results, stating the reasons for any discrepancies and resolving them in accordance with accounting standards.
   c. Immediate reporting to the Palestine Monetary Authority of the details and circumstances of operational events that a money changer may face, as outlined in the attached reporting form, via the following email addresses:
   - Anti-Money Laundering and Combating the Financing of Terrorism Department: AML-CFT@pma.ps
   - Money Changers Supervision Department: mchangers@pma.ps

Supervision Group
Palestine Monetary Authority

Attachment: Operational Events and Risks Reporting Form.

--- www.pma.ps
Ramallah and 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

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Operational Events and Risks Reporting Form

To: The Esteemed Palestine Monetary Authority.
Date: / /

- Money Changer Name:
- Nature of the Event:
- Location and Date of the Event:
- Date of Event Discovery:
- Event Status (Resolved/Ongoing).
- Event Description:
- Consequences and Losses Resulting from the Event:
- Administrative and Legal Measures, Controls, and Procedures Taken or to be Taken to Address the Event:

Company Stamp

For Information and Clarification