Regulatory Alerts2013-01-01
Circular No. 67: Unlicensed "Bank"
The Palestine Monetary Authority issued Circular No. 67 to confirm that no license has been granted to the newly reported "Production Bank" in Gaza or any other recent banking entities under Banking Law No. 9 of 2010. The regulator mandates all licensed banks operating in Palestine to immediately cease any cooperation, contractual agreements, share subscriptions, advisory services, or financial transactions with the unlicensed entity. This directive serves as an official compliance warning to prevent the banking sector from facilitating unauthorized financial activities.
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