Regulatory Alerts2015-01-01
Circular No. 168 Cooperative Societies Accounts
The Palestine Monetary Authority, acting on a Ministry of Labor directive, requires all Palestinian banks to recognize the Ministry's General Directorate of Cooperatives as the sole supervisory authority for cooperative societies and to standardize their account opening procedures. Banks must accept pending-registration membership deposits as valid justification for establishing temporary accounts, cease demanding pre-issued registration certificates and certified bylaws, and update authorized signatory lists only after official registration and general assembly elections. Financial institutions are ordered to implement these measures immediately and rescind any internal policies that conflict with this circular.
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