Regulatory Alerts2022-01-01
Circular No. 125/2022 for Exchangers: Counting and Checking Banknotes
The Palestine Monetary Authority issued Circular No. 125/2022 mandating all licensed exchangers in Palestine to immediately implement strict banknote counting and verification protocols to combat counterfeiting and mitigate money laundering and terrorist financing risks. The circular requires exchangers to install, regularly maintain, and calibrate banknote counting machines that can detect all denominations, identify forged or damaged notes, and utilize infrared, ultraviolet, watermark, and magnetic security features. Additionally, staff must undergo specialized anti-counterfeiting training, suspected forged notes must be reported and surrendered to authorities, and exchangers are prohibited from dispensing old currency issues while cooperating with the public on security feature verification.