Regulatory Alerts2024-01-01
Banks - 2024 - Circular No. 27: Final Financial Statements for the Year 2024
The Palestine Monetary Authority issued Circular No. 27 of 2024 to mandate that all licensed banks submit audited final financial statements for the year 2024 electronically by March 31, 2025. The circular requires these statements to comply with Palestinian Financial Reporting Standards (PFRS), be accompanied by the auditor’s report and management declaration, and allow for a fifteen-day correction window for any identified discrepancies. Non-compliance triggers statutory penalties under the Monetary and Banking Law, while preserving the Authority’s right to conduct on-site audits.
PALESTINE MONETARY AUTHORITY
Circular No. 27 of 2024 www.pma.ps | Ramallah & Al-Bireh Governorate - Palestine | P.O. Box 452 info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251 | Postal Code: P6160675
Subject: Implementation of Final Financial Statements for 2024 in accordance with Circular No. 3 (2022)
Banks shall submit the final financial statements for the year 2024 by March 31, 2025. The submitted statements must be audited and signed by the external auditor. These statements shall be prepared in accordance with Palestinian Financial Reporting Standards (PFRS) and the PMA’s instructions. The PMA may request additional information or clarifications regarding the submitted statements.
- Banks shall submit the final financial statements for 2024 electronically via the PMA’s online portal.
- The statements shall be accompanied by the auditor’s report (Form 2) and the management declaration (Form 1).
- Any discrepancies or omissions shall be corrected within fifteen (15) days of notification.
- The PMA reserves the right to conduct on-site inspections or audits of the submitted statements.
Failure to comply shall result in penalties as stipulated in the Monetary and Banking Law.