Region

Jurisdiction

Regulator

2021-01-01

Instructions No. (9) of 2021 Regarding the Amendment of Instructions No. (1) of 2021 on Outsourcing

The Palestine Monetary Authority issued Instructions No. (9) of 2021 to amend its original outsourcing regulations by extending the compliance deadline for payment service companies. This directive mandates that all licensed payment service providers operating in Palestine must regularize their legal status to align with the amended outsourcing requirements no later than December 31, 2022. The instructions explicitly repeal any conflicting provisions and take immediate effect upon issuance to ensure regulatory compliance across the national payments sector.

Palestine

Palestine Monetary Authority

Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Instructions No. (9) of 2021

Regarding the Amendment of Instructions No. (1) of 2021 on Outsourcing

Pursuant to the provisions of Decision-Law No. (17) of 2012 concerning the National Payments Settlement Law, particularly Article (9) thereof, and after reviewing Instructions No. (1) of 2021 on Outsourcing, and based on what was approved by the Board of Directors of the Palestine Monetary Authority in its meeting No. (238) dated 2021/09/07, and in accordance with the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:

Article (1)

Definitions

The words and phrases used in these Instructions shall have the meanings specified below unless the context indicates otherwise:

Original Instructions: Instructions No. (01) of 2021 on Outsourcing.

Article (2)

Objective and Scope of Application

These Instructions aim to extend the time period granted to payment service companies to regularize their legal status in accordance with the provisions of the Original Instructions.
The provisions of these Instructions shall apply to all licensed payment service companies providing payment services in Palestine.

Article (3)

Amendment of Article (8) of the Original Instructions

The text of Article (8) of the Original Instructions is amended to read as follows: "All payment service companies must regularize their legal status in compliance with the requirements of these Instructions within a maximum period of 2022/12/31".

Article (4)

Cancellation of Conflicts

Any provision conflicting with the provisions of these Instructions is hereby repealed.

Article (5)

Implementation and Enforcement

All competent authorities shall implement the provisions of these Instructions according to their respective jurisdictions, and these Instructions shall apply from the date of their issuance.

Issued in Ramallah on 11/10/2021 AD

Dr. Firas Malham Governor