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.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. (2013/67)
To all banks operating in Palestine
Date: Wednesday, May 22, 2013
Subject: Unlicensed "Bank"
With reference to media reports concerning the establishment of a new bank named "Production Bank" in the Gaza Strip, we hereby inform you that the Palestine Monetary Authority has not issued a license to this entity or any other bank recently, in accordance with the provisions of Banking Law No. (9) of 2010. Accordingly, all banks operating in Palestine are directed to refrain from cooperating with or contracting the aforementioned bank, which includes participating in its share capital, managing its subscription process, providing any advisory services to it, or engaging in any other transactions whatsoever.
Director of Supervision and Inspection
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
www.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