Regulatory Alerts2021-01-01
Instructions No. 10 of 2021 Amending Instructions No. 3 of 2021 on E-Wallet Services by Payment Service Companies
The Palestine Monetary Authority issued Instructions No. 10 of 2021 to amend its 2021 E-Wallet Instructions, specifically authorizing licensed payment service companies to offer digital card topping-up and charging services. The directive mandates prior written regulatory approval for contracting with card providers, restricts service provision to existing users for agreed commissions, and prohibits direct card ownership or sales by providers. Additionally, it updates Annex 1 to impose strict account-opening requirements for natural persons from Jerusalem and the 1948 territories, enforce enhanced due diligence, and permit the use of non-Palestinian mobile numbers for account registration.
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