2021-01-01

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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Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Instructions No. (10) of 2021

Regarding the Amendment of Instructions No. (3) of 2021 on the Provision of E-Wallet Services by Payment Service Companies

Based on the provisions of Law Decree No. (17) of 2012 on the National Payment Settlement Law, particularly Article (9) thereof, and after reviewing Instructions No. (3) of 2021 on the Provision of E-Wallet Services by Payment Service Companies, and based on what was approved by the Board of Directors of the Palestine Monetary Authority in its meeting No. (240) dated 23/10/2021, and in accordance with the powers delegated to us, and in the public interest, we have issued the following Instructions:


Article (1)

Definitions

The words and phrases appearing in these Instructions shall have the meanings assigned to them below unless the context indicates otherwise:

  • Original Instructions: Instructions No. (3) of 2021 on the Provision of E-Wallet Services by Payment Service Companies.

Article (2)

Objective and Scope of Application

  1. These Instructions aim to regulate the following:

    • a. Opening an account for a user using a mobile number registered with a non-Palestinian telecommunications company.
    • b. The service of topping up and charging digital cards for users.
  2. The provisions of these Instructions shall apply to all licensed payment service companies providing payment services in Palestine.


Article (3)

Replacement of Annex No. (1)

Annex No. (1) included in the Original Instructions is hereby replaced by Annex No. (1) attached to these Instructions.


Article (4)

Service of Topping Up and Charging Digital Cards

A new article is added to the Original Instructions numbered (8) bis, stipulating the following:

"The service provider may offer the service of topping up and charging digital cards provided that it complies with the following:

  1. Obtaining the prior written approval of the Palestine Monetary Authority to contract with digital card providers.
  2. The service shall be provided exclusively to the company's users in exchange for a commission agreed upon with the card providers under the signed agreement, and the service provider shall not own or directly sell these cards.
  3. Compliance with the financial ceiling specified in Annex No. (2) of the Original Instructions.
  4. Amending systems, policies, and procedures in accordance with the provisions of this Article."

Article (5)

Repeal of Conflicting Provisions

All provisions conflicting with the provisions of these Instructions are hereby repealed.


Article (6)

Implementation and Enactment

All competent authorities shall, each within its respective competence, implement the provisions of these Instructions, which shall apply from the date of their issuance.

Issued in Ramallah on 24/11/2021 AD

Dr. Firas Malham
Governor


Note:
Page 3 contains Annex No. (1) mentioned in Article (3), which contains additional details regarding the data and information related to account opening, including:

  • User information (ID number, full name, place of residence, occupation, copy of identity document, mobile number registered with any licensed telecommunications company in Palestine, user's signature on the general terms for account opening, terms and procedures for account freezing, reactivation, and closure).
  • A declaration from the account opening applicant that they are the original owner and sole beneficiary of the account opening.
  • An annex detailing the account ceiling and orders permitted to be executed through the e-wallet.
  • Conditions for compliance with the following:
    • The account opening process shall be exclusively for natural persons.
    • The account opening process shall be exclusively for residents of Jerusalem and the 1948 territories only.
    • Establishing additional procedures, measures, and scenarios related to risk assessment and mitigation, including Enhanced Due Diligence measures through providing a policy for accepting company users, classifying customers according to money laundering and terrorist financing risks, continuous transaction monitoring using scenarios and supervisory indicators, and providing an official identity document.
    • Taking all necessary technological, technical, and legal measures and arrangements to allow the use of non-Palestinian telecommunications company numbers.

Additional Note:
At the bottom of pages 1 and 2, contact information for the Palestine Monetary Authority is provided:

  • 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

  • Website: www.pma.ps