Region

Jurisdiction

Regulator

2018-01-01

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.

Palestine

Palestine Monetary Authority

Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (2018/67)
To all money changers operating in Palestine
Date: Tuesday, July 31, 2018

Subject: Delivery of Remittance to Beneficiary in Currency Other Than the Original

In light of complaints received from citizens regarding the delivery of remittances to them in a currency different from the one sent, and within the framework of enhancing transparency and disclosure principles for customers and safeguarding their rights, and in accordance with Instructions No. (2017/01) dated October 30, 2017, concerning financial remittances which stipulate that the remittance must be delivered to the beneficiary in the same currency as sent, unless the beneficiary explicitly requests otherwise in writing, all money changers are required to provide a separate acknowledgment form distinct from the remittance receipt form, to be signed by the beneficiary confirming their written consent to receive the remittance value in a currency other than the one originally sent.

Market Discipline Department
Palestine Monetary Authority