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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2016/28)
To all banks operating in Palestine
Date: Sunday, 28 February 2016
Subject: International Committee of the Red Cross (ICRC) Agencies
All banks are required to accept the International Committee of the Red Cross (ICRC) agencies, referred to as "Prisoner Agencies", upon verifying the following conditions:
- The power of attorney must be signed by the principal ("the prisoner") in the presence of an ICRC representative, and bear the official ICRC stamp.
- The power of attorney must be clearly written, with no erasures or deletions of any phrases within its text.
- The purpose of the authorization must be clearly defined and strictly limited to cash withdrawal purposes.
- The name of the principal ("the prisoner") and their personal identification number must be clearly legible.
- The name of the agent and their personal identification number must be clearly legible.
- The power of attorney must be certified by the Prisoners and Ex-Prisoners Affairs Authority.
Accordingly, ICRC agencies that meet the above conditions shall be accepted for banking transaction procedures, without prejudice to any other procedures or measures regarding the same.
Circular No. (2016/18) dated 21 January 2016 issued on this matter is hereby repealed.
Deputy Governor
for Financial Stability Affairs
Supervision and Inspection Department
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 | Email: info@pma.ps
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Email: info@pma.ps
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 | Email: info@pma.ps
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Email: info@pma.ps