Regulatory Alerts2021-01-01
Circular No. 167 Dormant Accounts
The Palestine Monetary Authority issued Circular No. 167/2021 to mandate strict compliance with its 2009 instructions on dormant accounts. Banks must classify any account with inactive sub-accounts across all currencies for at least one year as dormant and apply the corresponding dormant account fees. Failure to adhere to these classification and fee collection requirements will result in legal enforcement actions.
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