Regulatory Alerts2018-01-01
Circular No. 21: Management of Money Changers' Accounts
The Palestine Monetary Authority issued Circular No. 21/2018 to enforce strict oversight of money changing activities by requiring all licensed banks to conduct exclusively through dedicated commercial accounts. The directive mandates banks to report any accounts suspected of unauthorized money changing operations and to immediately suspend transactions linked to unlicensed practitioners. Compliance with these measures aims to strengthen regulatory supervision and prevent illicit financial activities within Palestine's banking sector.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (21/2018)
To all banks operating in Palestine
Date: Sunday, February 18, 2018
Subject: Management of Money Changers' Accounts
In the context of the Palestine Monetary Authority's efforts to supervise the financial sector in Palestine by strengthening oversight mechanisms for this sector, and based on the provisions of Law Decree No. (9) of 2010 concerning Banks and Instruction No. (2012/06) dated 2012/05/30 concerning the management of money changers' accounts, the Palestine Monetary Authority emphasizes the necessity of complying with the aforementioned instructions and acting as follows:
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Ensure that banks are committed to using a dedicated bank account exclusively for money changing purposes and permitted activities in accordance with Decision No. (41) of 2016 concerning the licensing and supervision system for the money changing profession and the instructions governing money changing work in Palestine.
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Channel all bank transactions through the bank's commercial account, and prohibit the use of other personal or commercial accounts for money changing activities.
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Provide us with accounts suspected of being used for money changing purposes, whether by money changers or non-money changers.
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Provide us with accounts whose transactions have been suspended due to suspicion of practicing the money changing profession without obtaining the necessary license from the Palestine Monetary Authority.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Email: info@pma.ps
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Email: info@pma.ps