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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (142/2016)
To all banks operating in Palestine
Date: Monday, August 08, 2016
Subject: Special Agencies for Workers' Accounts at Northern Governorate Branches
In order to regulate withdrawal and deposit operations in the accounts of Palestinian workers, who receive monthly allowances and/or pensions from Israeli institutions through special or general agencies, all banks operating in Palestine must comply with the following as a minimum when accepting the relevant agencies:
- These agencies must be issued in accordance with legal procedures.
- The agency must be renewed periodically every six months.
- No amounts shall be disbursed under agencies that have been issued for more than six months, and their holders must be requested to renew them.
Deputy Governor
for Financial Stability Affairs
Supervision and Inspection Department
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 | Fax: +970 2 2409922 | Tel: +970 2 2415250 | P.O. Box 452 Ramallah - Palestine
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | P.O. Box 4026 Gaza - Palestine
Email: info@pma.ps | Email: info@pma.ps
www.pma.ps