Regulatory Alerts2012-01-01
Circular No. 82 Regulating the Disbursement of Remittances to Beneficiaries
The Palestine Monetary Authority issued Circular No. 82 to amend its July 2007 remittance disbursement regulations by repealing Item 2 and mandating that banks process remittance payouts strictly according to the beneficiary's entitlement date. The directive places the responsibility on each operating bank to verify the authenticity and compliance of all executed financial transactions in accordance with established regulatory procedures. This update standardizes disbursement timelines and strengthens transaction verification protocols across all Palestinian financial institutions.
Palestine Monetary Authority
Circular No. (82/2012)
To all banks operating in Palestine
Date: Wednesday, May 30, 2012
Subject: Regulating the Disbursement of Remittances to Beneficiaries
In continuation of the Palestine Monetary Authority Circular No. (15/M/M/2007) issued on July 23, 2007, regarding the regulation and disbursement of remittances, Item No. (2) is hereby repealed. The disbursement of remittances to beneficiaries shall be processed according to the date of entitlement, and each bank is responsible for verifying the authenticity of executed financial transactions in accordance with established procedures.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Al Bireh P.O.Box 452 - Tel.: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487
E-mail: info@pma.ps
www.pma.ps
Ramallah - Al Bireh P.O. Box 452 - Tel.: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487