Regulatory Alerts2016-01-01
Circular No. 142: Special Agencies for Workers' Accounts at Northern Governorate Branches
The Palestine Monetary Authority issued Circular No. 142/2016 to regulate withdrawal and deposit operations for Palestinian workers receiving monthly allowances or pensions from Israeli institutions through special or general agencies. The directive mandates that all banks operating in Palestine must verify that such agencies are legally issued, renewed every six months, and rejected for disbursement if they exceed a six-month validity period. Banks are further required to notify agency holders to renew expired documents before processing any related transactions.
Share