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.
[Logo of the Palestine Monetary Authority]
PALESTINE MONETARY AUTHORITY
Circular No. (125/2022) To All Exchangers Operating in Palestine Date: Sunday, June 05, 2022
Subject: Counting and Checking Paper Currency
Based on the Palestine Monetary Authority Instructions No. (2012/04), and in our commitment to combat the phenomenon of counterfeiting and forgery of paper currency, and to mitigate the risks of money laundering and terrorist financing, as well as any potential risks, we emphasize the necessity of taking the immediate required measures for the following:
- Provide a machine for counting and checking paper currency before exchanging currencies and executing financial transfers.
- Regularly maintain and calibrate the specifications of paper currency counting and checking machines, and work to align the machines with the security and technical specifications of new issues of currencies circulating in Palestine.
- The specifications of machines for counting and checking circulating paper currency must be capable of achieving the following features: a. Counting all denominations of the same currency. b. Detecting forged and counterfeit banknotes. c. Sorting damaged banknotes. d. Checking the security features and specifications of paper currency using infrared, ultraviolet, watermarks, and magnetic detection. e. The ability to document the operations being checked through detection devices via computers, including generating reports related to the executed currency checking operations.
- Enhance staff capabilities by enrolling them in specialized courses on counterfeiting and forgery detection.
- Take the necessary legal measures to combat currency forgery and counterfeiting crimes, including notifying the General Security and handing over the original suspected counterfeit or forged banknotes to them, and notifying the Financial Monitoring Unit.
- Accept all current issues of circulating paper currency denominations in Palestine, provided that customers are not handed over any denomination of paper currency from old issues.
1 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 | Tel: +970 8 2825713 | Fax: +970 8 2844487
PALESTINE MONETARY AUTHORITY
- Cooperate with citizens wishing to check the paper currency in their possession to verify the integrity and authenticity of their security features.
- Notify the Anti-Money Laundering and Combating the Financing of Terrorism Department at the Palestine Monetary Authority in writing regarding the taking of legal measures, via the department's approved email address: AML-CFT@PMA.PS
Supervision Group Palestine Monetary Authority
Copy to: The Honorable / Financial Monitoring Unit
2 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 | Tel: +970 8 2825713 | Fax: +970 8 2844487