Regulatory Alerts2024-01-01
Circular No. 9/2024 Warning Against Dealing with Unlicensed Money Changers
The Palestine Monetary Authority issued Circular No. 9/2024 warning all licensed money changers in Palestine against conducting business with individuals or entities operating without a license from the Authority. Citing Article 3 of Law No. 40 of 2022, the Authority emphasized that it will not tolerate violations and will impose the strictest penalties, including the potential revocation of licenses. The circular directs money changers to verify the status of counterparties by consulting the official directory of licensed money changers available on the Authority's website.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (9/2024)
To all Money Changers operating in Palestine
Date: Tuesday, March 05, 2024
Subject: Warning Against Dealing with Persons Practicing the Money Changer Profession Without a License from the Palestine Monetary Authority
Based on the provisions of Article (3) of Law No. (40) of 2022 concerning the licensing and supervision of the money changer profession in Palestine, the Palestine Monetary Authority warns all money changers against dealing with any person practicing money changing activities without a license from the Palestine Monetary Authority. The Authority affirms that it will not hesitate to impose the strictest penalties on violators, which includes reconsidering licenses.
It is noted that money changers can access the names and addresses of licensed money changing shops and companies by visiting the link to the Palestine Monetary Authority's website mentioned below regarding the Money Changers Directory.
Supervision Group
Palestine Monetary Authority
https://www.pma.ps/en/Control-of-financial-sector/Money-Changers
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Postal code: P6160675 | Postal code: P6160675
Tel: +970 2 2415251 | Tel: +970 2 2415251
Fax: +970 2 2415310 | Fax: +970 2 2415310
info@pma.ps