Regulatory Alerts2022-01-01
Circular No. 301 Establishment and Foundation of an Unlicensed Bank
The Palestine Monetary Authority issued Circular No. 301/2022 to formally warn all licensed banks against engaging with an unlicensed entity claiming to be the "Palestinian Waqf Bank" in the Gaza Strip. The regulator explicitly confirms that it has not authorized this entity or any other new banking institution under Banking Law No. 9 of 2010. Consequently, all financial institutions operating in Palestine are strictly prohibited from conducting any transactions or business dealings with the unlicensed entity.
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