Regulatory Alerts2021-01-01
Instructions No. (21) of 2021 Concerning the Opening and Management of Money Changers' Accounts
The Palestine Monetary Authority issued Instructions No. (21) of 2021 to regulate the opening, management, and contractual relationship of money changers' bank accounts. The directives mandate strict compliance requirements for account opening, specify permitted financial services and credit facilities, and explicitly prohibit activities such as derivative trading and maintaining multiple main accounts. Furthermore, the instructions impose continuous supervisory obligations on banks, require quarterly statistical reporting, repeal conflicting prior regulations, and establish penalties for non-compliance.
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