Regulatory Alerts2018-01-01
Circular No. 145: Final Deadline for Printing Checks to New Specifications
The Palestine Monetary Authority has exceptionally extended the final deadline for banks to commence printing checks to new security and technical specifications from June 30, 2018, to July 15, 2018. Banks are required to ensure full compliance with Instruction No. (6) of 2017, submit a complete sample of the new checks for regulatory approval before the new deadline, and strictly prohibit printing non-compliant checks after July 15. Non-compliance will trigger enforcement actions in accordance with applicable laws and regulations.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (145/2018) To All Banks Operating in Palestine Date: Tuesday, July 03, 2018
Subject: Final Deadline for Printing Checks with New Specifications
Further to our Circular No. (2018/122) regarding the final deadline to commence printing checks for customers with new specifications, and despite the expiration and passing of the scheduled deadline to begin printing such checks according to the requirements of Instruction No. (6) of 2017 and its amendments regarding the security and technical specifications for checks, dated 2017/10/19, and the additional timeframes which exceeded one year since the issuance of the instructions, with the last one ending on 2018/06/30, and based on the aforementioned instructions and in light of the understandings reached with the Banks Association in particular, it has been exceptionally decided to extend the final deadline to commence printing checks with new specifications to 2018/07/15, subject to the following:
- Taking the necessary measures to ensure full compliance with the requirements of the aforementioned instructions.
- Providing us with a complete sample meeting the security and technical specifications before the aforementioned deadline, and submitting it to the Palestine Monetary Authority for approval before the final deadline expires.
- Printing checks that do not comply with the terms and requirements of the security and technical specifications instructions is prohibited after the expiration of the aforementioned final deadline.
Otherwise, necessary measures will be taken in accordance with the law and instructions.
Supervision and Inspection Department Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Fax: +970 2 2415310 Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Fax: +970 8 2844487 Email: info@pma.ps