Regulatory Alerts2025-01-01
Decision No. (13) on the Amicable Settlements of the Returned Cheques System
The Palestine Monetary Authority issued Decision No. (13) to establish standardized amicable settlement procedures for the returned cheques system, applying to all licensed financial institutions. The regulation mandates updated reconciliation protocols and payment plans for cheques issued between October 2023 and February 2025, with full compliance required by May 2025. It supersedes prior circulars and enforces strict reporting timelines to minimize financial disputes and streamline cheque clearance processes.
PALESTINE MONETARY AUTHORITY
Decision No. (13) on the Amicable Settlements of the Returned Cheques System
Issued: 2025/02/18 | Reference: Decision No. (2017/02) dated 2017/02/02
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Scope and Definitions This decision governs the amicable settlement framework for the returned cheques system, applying to all licensed financial institutions. It covers cheques issued from 2023/10/08 through 2025/02/20, defining the obligations of cheque holders and debtors.
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Procedural Requirements Regulated entities must adhere to the updated reconciliation and reporting standards for bounced cheques. Payment plans and dispute resolution mechanisms are to be implemented by 2025/02/23, ensuring consistent processing across the banking sector.
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Effective Date The decision takes full effect on 2025/05/31, replacing previous related circulars. All financial institutions must align their internal processes and reporting submissions accordingly.
Contact Details: Ramallah & Al-Bireh Governorate, Palestine | P.O. Box 452 Tel: +970 2 2415251 | Fax: +970 2 2415310 Email: info@pma.ps | Postal Code: P6160675