Regulatory Alerts2022-01-01
Instructions No. 8 of 2022 Regarding Inquiry on the Automated Bounced Cheques System
The Palestine Monetary Authority issued Instructions No. 8 of 2022 to regulate how licensed money changing companies conduct inquiries on the Automated Bounced Cheques System. The directive permits these companies to verify cheque owners without prior written authorization, mandates the retention of cheque copies and inquiry dates, and strictly prohibits the disclosure of system data to third parties. Non-compliance triggers penalties under Article 54 of the 2010 Banks Decision-Law, with the regulations taking immediate effect upon issuance.
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