Regulatory Alerts2022-01-01
Circular No. 208: Use of Personal Accounts in Commercial Business
The Palestine Monetary Authority requires all banks operating in Palestine to accurately disclose commercial banking facilities granted under personal account names within their submitted credit information reports. This directive enforces Circular No. (2020/234) by restricting personal account usage for business and promoting trade-name account registration. Banks must provide the Authority with precise statistics on these accounts within one week of the circular's date.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (208/2022) To all banks operating in Palestine Date: Thursday, 15 September 2022
Subject: Use of Personal Accounts in Commercial Business
In compliance with the requirements of Circular No. (2020/234) dated 09/12/2020, particularly regarding limiting the use of personal accounts in commercial business and restricting account opening to the trade name according to the registration and licensing certificate issued by the competent authority and/or according to the name approved in the licensed tax identification number, and since the Palestine Monetary Authority encourages obtaining banking facilities for commercial purposes under the trade name of projects, all banks are requested to properly disclose accounts that have been granted banking facilities under a personal name for commercial purposes within the credit information report submitted to the Palestine Monetary Authority, along with providing us with accurate statistics related to those accounts within one week from the date of this circular.
Supervision Group Palestine Monetary Authority
www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Tel: +970 2 2415251 | Tel: +970 2 2415310 | Fax: info@pma.ps Gaza - Palestine P.O. Box 4026 Tel: +970 8 2825713 | Tel: +970 8 2844487 | Fax: