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.
Palestine Monetary Authority
Palestine Monetary Authority
(2013/10) Instructions No. To all banks operating in Palestine Date: Thursday, December 05, 2013 Subject: Depositor Data in Bank Accounts
Based on the provisions of Chapter Three of the Anti-Money Laundering Law Decision No. (9) of 2007 and specifically Articles (6, 13), and to the provisions of Article (44) of the Banks Law No. (9) of 2010 All banks are required to comply with the following:
First: Identify the identity of a non-account holder depositor in client accounts when they make a deposit equal to or exceeding three thousand US dollars or its equivalent in other currencies.
Second: Identify the depositor's full four-part name and identification number, based on the depositor's ID card, passport, or any legally recognized identity verification document in Palestine.
Third: Modify the banking system as follows:
A. Cash Deposit Screen: Add an independent field specifically for non-account holder depositor data which shall include at a minimum (the depositor's full four-part name and identification number), with the necessity of providing supporting documents, and the necessity of clarifying the nature of the depositor's relationship with the account holder and adding it to the remarks.
B. Transaction Execution: Add a function that blocks the execution of cash deposit transactions equal to or exceeding $3,000 or its equivalent in other currencies until all fields referred to in items (Second and Third) of these instructions are completed.
The provisions of these instructions shall take effect from the date of their issuance, and banks that find they require a time limit to implement modifications to their banking systems shall submit a request to the Palestine Monetary Authority to grant them an appropriate deadline for this purpose.
Supervision and Inspection Department Palestine Monetary Authority
Ramallah - Al Bireh P.O.Box 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487 E-mail: info@pma.ps Ramallah - Al Bireh P.O. Box: 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza P.O. Box: 4026 - Tel.: 08-2825713 - Fax: 08-2844487 www.pma.ps
05-DEC-2013(THU) 13:32 PMA - central diwan (FAX) 2409922 P. 001
Transaction Report
Broadcast Transaction(s) completed
| Nr. | TX Dte/T | Destination | Duration | P. # | Result | Mode |
|---|---|---|---|---|---|---|
| 341 | 05-DEC | 13:19 qudos bank | 0°00'08" | 001 | OK | N ECM |
| 13:20 gaza diwan | 0°00'11" | 001 | OK | N ECM | ||
| 13:20 ARAB BANK | 0°00'08" | 001 | OK | N ECM | ||
| 13:21 alrafah bank | 0°00'19" | 001 | OK | N ECM | ||
| 13:22 CAIRO AMMAN BANK | 0°00'10" | 001 | OK | N ECM | ||
| 13:23 PALESTINE BANK | 0°00'10" | 001 | OK | N ECM | ||
| 13:23 JORDAN BANK | 0°00'09" | 001 | OK | N ECM | ||
| 13:24 HOUSING BANK | 0°00'12" | 001 | OK | N ECM | ||
| 13:25 COMMERCIAL BANK | 0°00'24" | 001 | OK | N ECM | ||
| 13:26 NATIONAL BANK | 0°00'09" | 001 | OK | N ECM | ||
| 13:26 UNION BANK | 0°00'10" | 001 | OK | N ECM | ||
| 13:27 alljare alardne | 0°00'10" | 001 | OK | N ECM | ||
| 13:28 jordan kuwait bank | 0°00'08" | 001 | OK | N ECM | ||
| 13:28 invistmant bank | 0°00'09" | 001 | OK | N ECM | ||
| 13:29 eslamic palestini | 0°00'08" | 001 | OK | N ECM | ||
| 13:30 HSBC BANK | 0°00'09" | 001 | OK | N ECM | ||
| 13:30 ARAB ISLAMIC BANK | 0°00'10" | 001 | OK | N ECM | ||
| 13:31 ARAB LAND BANK | 0°00'10" | 001 | OK | N ECM |
Palestine Monetary Authority
Palestine Monetary Authority
(2013/10) Instructions No. To all banks operating in Palestine Date: Thursday, December 05, 2013 Subject: Depositor Data in Bank Accounts
Based on the provisions of Chapter Three of the Anti-Money Laundering Law Decision No. (9) of 2007 and specifically Articles (6, 13), and to the provisions of Article (44) of the Banks Law No. (9) of 2010 All banks are required to comply with the following:
First: Identify the identity of a non-account holder depositor in client accounts when they make a deposit equal to or exceeding three thousand US dollars or its equivalent in other currencies.
Second: Identify the depositor's full four-part name and identification number, based on the depositor's ID card, passport, or any legally recognized identity verification document in Palestine.
Third: Modify the banking system as follows: