Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

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Instructions No. (07) of 2017

Regarding the Amendment of Instructions and Security and Technical Specifications for Cheques No. (6) of 2017

Based on the provisions of Decision-Law No. (9) of 2010 concerning Banks, particularly Articles (3), (54), and (72) thereof, and in pursuit of the public interest, we have issued the following Instructions:

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(1) Article

Scope of Application

The provisions of these Instructions shall apply to all banks licensed by the Palestine Monetary Authority to conduct banking business in Palestine, and shall be read as a single unit with the Palestine Monetary Authority Instructions No. (6) of 2017 issued on 19/04/2017.

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(2) Article

Metallic Mark

The text of the metallic mark with code (A-6) included in Item (1.3) of Level One of the Security Marks specific to the "Matrix Coding of Security and Technical Specifications for Cheques" in the Cheque Security and Technical Specifications Appendix is amended to read as follows:

"The metallic mark shall be magnetic in the form of a hologram, kinigram, foil, or other non-removable mark."

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(3) Article

Matrix Bar Code

The texts of points (b) and (c) of Item (2.5.5) concerning the Matrix Bar Code mark included in the Cheque Security and Technical Specifications Appendix are replaced with the following texts:

Point (b): "That this combination includes marks and numbers that enable the issuing bank to verify the accuracy of the main data on the cheque sheet, such that this combination is distinct for each sheet of cheques issued to the same customer, including at a minimum the national ID number for a natural person or the tax registration number for a legal entity."

Point (c): "The bank must provide the necessary equipment for the issuing bank to read this mark."

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(4) Article

Repeal

• Point (c) of Item (2.1.1.8) concerning the metallic mark with code (A-6) included in the Cheque Security and Technical Specifications Appendix is repealed.
• Paragraph (2) of Article (12) of Instructions No. (6) of 2017 concerning Security and Technical Specifications for Cheques is repealed.

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(5) Article

Penalties

Anyone who violates the provisions of these Instructions shall be penalized in accordance with the provisions of the prevailing Banks Law.

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(6) Article

Implementation and Entry into Force

All competent authorities shall, each within their respective jurisdiction, implement the provisions of these Instructions. They shall apply from the date of their issuance, with the printing and issuance of cheques according to the Security and Technical Specifications for Cheques contained in the Appendix to Instructions No. (6) of 2017, and the above amendments, to commence within a period not exceeding 3 months from the date thereof.

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Issued in Ramallah on: 05/06/2017 CE
Corresponding to: 10 Ramadan 1438 AH

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Palestine Monetary Authority

[Signature]

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