Regulatory Alerts2024-01-01
Circular No. 17 on the Continuation of Operations Regarding the National E-SADAD Invoice Display and Payment System-2024
The Palestine Monetary Authority issued Circular No. 17/2024 requiring all payment service companies operating in Palestine to comply with existing security and system instructions, implement necessary measures to ensure continuous service provision, undergo periodic inspections, and report compliance to the Authority. The directive mandates adherence to Article 9 of the 2021 Payment Services Security Instructions and Instruction No. 3 of 2023 regarding the National E-SADAD system, aligning with ongoing efforts to strengthen digital payment channels. Companies must maintain uninterrupted service delivery through electronic means and submit regular compliance confirmations to the regulator.
Palestine Monetary Authority
Circular No. (17 / 2024) To all payment service companies operating in Palestine Date: Sunday, July 21, 2024
Subject: Continuation of Operations Regarding the National E-SADAD Invoice Display and Payment System
In accordance with Article No. (9) of Instructions No. (06) for the year 2021 concerning the basic requirements for payment service systems security, and Instructions No. (3) for the year 2023 concerning the National E-SADAD Invoice Display and Payment System, and within the framework of the Palestine Monetary Authority's efforts to develop the technological environment and enhance payments through digital channels and tools, and as a result of the increasing frequency of using electronic means in executing financial transactions, we wish to confirm that companies must comply with the requirements of the aforementioned instructions and take the necessary measures and procedures to ensure the continuous provision of services at all times, subject to periodic inspection thereof and reporting to the Palestine Monetary Authority accordingly.
Supervisory Group Palestine Monetary Authority