Regulatory Alerts2012-01-01
Instructions No. 8 of 2012 Regarding the Opening of Accounts for Charitable, Cooperative, and Civil Society Organizations
The Palestine Monetary Authority issued Instructions No. (2012/08) to amend prior regulations governing the opening of bank accounts for charitable, cooperative, and civil society organizations. The directive mandates that banks verify the legal status and authorized signatories of these entities against official government records and continuously update this verification data. Additionally, it requires the submission of a valid registration certificate and a legally certified copy of the organization's charter as mandatory prerequisites for account opening.
Palestine Monetary Authority
Palestine Monetary Authority
Instructions No. (2012/08)
To all banks operating in Palestine
Date: Wednesday, August 08, 2012
Subject: Opening Accounts for Charitable, Cooperative, and Civil Society Organizations
With reference to the above subject, we hereby notify you of the cancellation of Circular No. (2011/112) dated 20/06/2011, and the amendment of Item No. (5/1/8) of Instructions (2009/08) dated 24/12/2009 regarding the opening of accounts for charitable, cooperative, and civil society organizations, to read as follows:
The following conditions must be met to open accounts for charitable, cooperative, and civil society organizations, in addition to the minimum information required in the account opening application attached to Instructions No. (2009/08):
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A registration certificate for the charitable, cooperative, or civil society organization issued by the Ministry of Interior or the competent authority as per the law.
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A certified copy of the charter of the charitable, cooperative, or civil society organization issued by the Ministry of Interior or the competent authority as per the law.
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Verification, upon opening accounts for charitable and civil society organizations, of the legal status of the organization or entity and its authorized signatories, based on official records, documents, data, and papers held by the competent authorities, with continuous updating of verification data.
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