Regulatory Alerts2020-01-01
Instructions No. 1 of 2018 Regarding the Licensing of Payment Service Companies
The Palestine Monetary Authority issued Instructions No. 1 of 2018 to regulate and license payment service companies operating payment systems or providing electronic payment services in Palestine. The regulations mandate prior written approval for company registration, establish detailed application procedures and documentation requirements, and define strict criteria for executive management appointments and ongoing compliance. Furthermore, the Authority retains supervisory powers to classify providers, maintain a central register, and impose operational, financial, and risk management restrictions on critical payment system participants to safeguard financial stability.
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