Palestine Monetary Authority

Palestine Monetary Authority

Instructions No. (2012/12)

To All Banks Operating in Palestine

Date: Tuesday, December 18, 2012

Subject: Counterfeit Currency

In order to curb the phenomenon of currency counterfeiting/forgery, the Palestine Monetary Authority requests all banks operating in Palestine to take the following measures to combat this phenomenon:

1. Establish internal procedures for handling counterfeit currency and prevent its circulation within the bank or among customers through bank staff or ATMs.
2. Examine cash received from customers and verify the presence of security features to determine authenticity (genuine/not counterfeit).
3. Provide advanced counterfeit detection machines to assist with speed and accuracy.
4. Qualify and train all bank employees who handle cash on how to detect counterfeit currency and the procedures for handling it.
5. If the bank suspects a banknote is counterfeit upon examination, it shall be detained, and a receipt report shall be prepared, signed by the cashier and the person presenting the cash, and approved by the branch manager. The report shall include: (depositor customer name) (person presenting the banknote), ID number and a copy thereof, the amount, denominations and serial numbers and a copy thereof, and a description of the transaction.
6. Store suspected counterfeit cash in fireproof, secure safes under dual control and under the supervision of the branch manager.
7. Report the transaction to the official authorities ("Public Prosecutor") in accordance with Article 244 of the Penal Code.
8. Notify the Palestine Monetary Authority of the incident, along with evidence proving that the bank has reported it to the official authorities.

Accordingly, all banks are requested to commence implementation of these Instructions effective from the date of issuance. All provisions conflicting with these Instructions are hereby repealed.

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Supervision and Inspection Department
Palestine Monetary Authority

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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