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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2018/22)
To all banks operating in Palestine
Date: Sunday, February 18, 2018
Subject: Opening and Use of Accounts at Banks
In the context of the Palestine Monetary Authority's efforts to elevate the banking sector in Palestine, and based on Decision No. (41) of 2016 regarding the licensing and supervision system for the banking profession, and Instructions No. (2011/03) dated 20/12/2011 concerning permitted and prohibited activities, the Authority emphasizes the necessity of adhering to the following when opening and using accounts in various currencies at banks:
- Opening the account under the bank's commercial name and not using the personal name or other commercial accounts of the establishment/company owners or its employees for banking purposes.
- Using the bank's account at the bank exclusively for banking purposes and permitted activities in accordance with the aforementioned Decision and the regulations governing banking work in Palestine.
Supervision and Inspection Department Palestine Monetary Authority
Ramallah - Palestine PO. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Phone: +970 2 2415250 | Fax: +970 2 2415310 | Ramallah - Palestine P.O. Box 452 Gaza - Palestine PO Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Phone: +970 8 2825292 | Fax: +970 8 2844487 | Gaza - Palestine P.O. Box 4026 Email: info@pma.ps | Email: info@pma.ps www.pma.ps