Regulatory Alerts2018-01-01
Circular No. 22 of 2018: Opening and Use of Bank Accounts
The Palestine Monetary Authority issued Circular No. 22 (2018) to strengthen regulatory compliance within the Palestinian banking sector. The directive mandates that all bank accounts must be opened exclusively under the institution's commercial name, explicitly prohibiting the use of personal or third-party commercial accounts for any banking operations. Furthermore, it requires that all permissible banking activities and currency transactions be conducted strictly through the bank's own accounts, in full alignment with Decision No. 41 of 2016 and Instructions No. 2011/03.
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