Regulatory Alerts2017-01-01
Instructions No. 6 of 2017 Regarding the Security and Technical Specifications of Cheques
The Palestine Monetary Authority issued Instructions No. 6 of 2017 to mandate standardized security and technical specifications for all cheques issued by licensed banks in Palestine. The regulations require banks to implement strict internal controls for cheque printing, secure storage, and inventory reporting, while establishing detailed procedures for detecting, handling, and reporting suspected forged cheques. Licensed institutions must complete supplier qualification and align their cheque printing contracts with the new specifications within six months of the instructions' issuance, with non-compliance subject to penalties under the prevailing Banking Law.
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