Regulatory Alerts2022-01-01
Circular No. 304/2022: Establishment and Foundation of an Unlicensed Bank
The Palestine Monetary Authority issued Circular No. 304/2022 to formally deny licensing any entity operating as the "Palestinian Waqf Bank" or any other unlicensed financial institution. The directive mandates that all registered money exchangers in Palestine must immediately cease operations and are strictly prohibited from conducting any transactions with such unauthorized entities. This notice aims to prevent public confusion and protect the national financial system from unregulated banking activities.
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