Regulatory Alerts2025-01-01
Circular No. 71/2025: Disbursement of Incoming Remittances to Citizens via Electronic Channels
The Palestine Monetary Authority issued Circular No. 71/2025 to all banks operating in Palestine, mandating the provision of electronic channels for receiving and disbursing incoming remittances to citizens. The directive requires banks to obtain explicit authorization from beneficiaries, process transactions in real-time, and strictly prohibit any fees or commissions for these electronic services. Additionally, banks must implement necessary risk controls and send SMS notifications to confirm the crediting of funds to beneficiaries' accounts.
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