Regulatory Alerts2018-01-01
Money Changers-2018- Circular No. 167: Delivery of Remittance to Beneficiary in Currency Other Than the Original
Issued by the Palestine Monetary Authority on July 31, 2018, this directive mandates all licensed money changers in Palestine to obtain a separate, beneficiary-signed written consent form before delivering remittances in a currency other than the original sent currency. The requirement directly enforces Market Discipline Instructions No. (2017/01) to guarantee full transparency, protect customer rights, and resolve citizen complaints regarding unauthorized currency substitutions at the point of delivery. Compliance ensures that any deviation from the original remittance currency is explicitly authorized by the recipient prior to transaction completion.
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