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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (167/2021)
To all banks operating in Palestine
Date: Tuesday, August 24, 2021
Subject: Dormant Accounts
With reference to Palestine Monetary Authority Instruction No. (2009/08) dated 2009/12/24 regarding the opening and closing of accounts and dormant accounts, the Palestine Monetary Authority emphasizes the strict compliance with the requirements of the aforementioned instructions. An account shall be considered dormant if all sub-accounts in all currencies remain inactive for a period of not less than one year (in addition to the cases stipulated in the aforementioned instructions), and the dormant account fee shall be collected accordingly. Otherwise, legal action will be taken in accordance with due process.
Supervision Group
Palestine Monetary Authority
Note:
Contact information is provided below:
-
Ramallah and Al-Bireh - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251 -
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Tel: +970 8 2825713