Regulatory Alerts2022-01-01
Circular No. 125/2022: Counting and Checking Paper Currency for Exchangers
The Palestine Monetary Authority issued Circular No. 125/2022 mandating all licensed exchangers in Palestine to immediately implement strict counterfeiting prevention and anti-money laundering protocols. The directive requires exchangers to install and regularly calibrate certified currency counting and checking machines capable of detecting forged notes, sorting damaged bills, and digitally logging transactions, while also mandating specialized staff training on forgery detection. Furthermore, the circular prohibits handing over old currency issues to customers, requires cooperation with citizens seeking verification, and obligates exchangers to report suspected counterfeit notes to General Security and the Financial Monitoring Unit via designated channels.