Regulatory Alerts2021-01-01
Instructions No. (1) of 2021 Regarding Outsourcing for Payment Service Companies
The Palestine Monetary Authority issued Instructions No. (1) of 2021 to regulate the outsourcing of operational and technical activities by licensed payment service companies in Palestine. The directive mandates prior written approval for all outsourcing arrangements, explicitly prohibits outsourcing core management functions, and requires comprehensive risk assessments, contractual safeguards, and business continuity plans. Payment service companies must align their legal and operational frameworks with these requirements within six months, while retaining full accountability for outsourced functions and regulatory compliance.
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