Regulatory Alerts2013-01-01
Instructions No. 10 of 2013 Regarding Depositor Data in Bank Accounts
The Palestine Monetary Authority issued Instructions No. 10 of 2013 mandating that all banks operating in Palestine implement enhanced verification for cash deposits made by non-account holders. The directive requires banks to record the full name and official identification number of any such depositor making transactions of $3,000 USD or more, along with supporting documents and the nature of their relationship to the account holder. Banks must modify their core banking systems to enforce these data collection requirements and block transactions below the threshold until all fields are completed, with the rules taking effect immediately upon issuance.
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