Regulatory Alerts2016-01-01
Instructions No. 9 of 2016 Regarding the Transfer of Funds, Precious Metals, and Valuable Documents
The Palestine Monetary Authority issued Instructions No. 59 of 2016 to regulate the transfer of funds, precious metals, and valuable documents by licensed banks in Palestine. The regulations mandate strict operational controls, including the use of fully armored vehicles with advanced security and tracking systems, qualified personnel meeting specific age and background criteria, and comprehensive insurance coverage. Additionally, the instructions outline procedures for pedestrian and non-armored vehicle transfers within cities, govern outsourcing to licensed transport companies, and require monthly reporting of cross-border fund transfers to Israeli and foreign banks.
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