Regulatory Alerts2017-01-01
Circular No. 178/2017: Foreign Company Accounts
The Palestine Monetary Authority mandates that all banks operating in Palestine strictly comply with registration requirements for foreign companies, including Israeli entities, when opening new accounts. Banks must regularize existing accounts for foreign companies that lack completed legal procedures with the Companies Registrar or Ministry of National Economy by December 31, 2017, as a condition for maintaining business relationships. Additionally, financial institutions are required to implement enhanced due diligence measures for all transactions involving these foreign companies.
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