Regulatory Alerts2016-01-01
Circular No. 28: International Committee of the Red Cross Agencies
The Palestine Monetary Authority mandates that all banks operating in Palestine accept International Committee of the Red Cross (ICRC) "Prisoner Agencies" for cash withdrawal transactions, contingent upon verifying six strict conditions including ICRC stamping, clear documentation, limited scope, legible identification, and certification by the Prisoners and Ex-Prisoners Affairs Authority. This directive supersedes and repeals the previous Circular No. (2016/18) issued on 21 January 2016. Banks must ensure full compliance with these verification standards to process such authorizations without conflicting with other existing banking procedures.
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