Regulatory Alerts2026-02-19
Added
Circular No. 9/2026 on Quick Financial Transfers
The Palestine Monetary Authority requires money exchange companies operating in Palestine to monitor and refund pending quick financial transfers to the sender if the beneficiary fails to collect them within the agreed timeframe. Exchange companies must implement mechanisms to manage these pending transactions across all levels, perform financial reconciliations according to agreements, and verify transaction parties against sanctions and watchlists before execution. These obligations apply to all money exchange companies and their agents operating in Palestine.
PALESTINE MONETARY AUTHORITY
Circular No. (9 / 2026) To all money exchange companies 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 mitigate risks and prevent citizens from falling victim to fraud schemes and losing their money, the Palestine Monetary Authority emphasizes the following requirements:
- Monitor the refund of pending quick financial transfers to the systems of quick transfer services in favor of the person requesting the issuance of the transfer; in the event that the beneficiary is unable to receive the transfer within the specified delivery period according to the service provision terms and the contract agreement signed between the money exchange company and the quick transfer company or its principal agent, and this must be documented.
- Establish mechanisms and measures that ensure the monitoring and processing of pending uncollected quick transfers at the level of the money exchange company / principal agent and sub-agents.
- Perform financial settlements for transfers and reconcile them in accordance with regulations and without violating contractual agreements.
- Inquire about the parties to the transfers on sanctions lists and watchlists before executing them on quick transfer systems in accordance with regulations.
Supervision Group Palestine Monetary Authority
www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Postal Code: P6160675 | Phone: +970 2415251 | Fax: +970 2415310 | info@pma.ps