Regulatory Alerts2022-01-01
Circular No. 192/2022: Statistical Data for the Returned Checks System
The Palestine Monetary Authority issued Circular No. 192/2022 requiring all operating banks to amend their returned checks systems to declare checks drawn on customers through internal clearing, branch tellers, and in favor of Israeli and foreign banks. Banks must update their data files to assign code (1) to the action type and code (00) to the return reason for these specific checks, while implementing automated account number validation against the banking accounts database to reject mismatches. These system modifications and corresponding screening database updates will take effect on September 18, 2022.
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