Regulatory Alerts2021-01-01
Instructions No. 13 Regarding the Financial Inclusion Account
The Palestine Monetary Authority issued Instructions No. 13 of 2021 to mandate licensed banks in Palestine to open and maintain Financial Inclusion Accounts for eligible Palestinian and Jerusalem ID holders who lack active banking relationships. The regulations establish a zero-minimum-balance, fee-free basic banking framework with strict annual and monthly transaction ceilings of $12,000 and $2,000 respectively, while requiring enhanced due diligence, mandatory customer awareness campaigns, and quarterly reporting on account rejections. Banks must align their internal systems and legal frameworks within three months of issuance, with non-compliance subject to penalties under Decision-Law No. 9 of 2010.
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