Regulatory Alerts2017-01-01
Circular No. 268: Foreign Companies Holding Accounts with Banks in Palestine for Collecting Financial Receivables
The Palestine Monetary Authority issued Circular No. 268 to restrict banking activities for foreign companies holding accounts in Palestine solely for collecting receivables from goods or services supplied to the territory. The directive mandates that all transactions must be accompanied by matching official documentation, such as invoices, and strictly prohibits using these accounts for any other financial activities, credit facilities, or indirect credit services. Additionally, banks are required to continuously update company records and submit properly authenticated Arabic documents whenever there are changes to the company's objectives, operations, personnel, or ownership.
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