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 without existing bank accounts. The regulations establish zero minimum balance requirements, prohibit fees for account maintenance and basic digital services, and impose strict annual and monthly transaction ceilings of $12,000 and $2,000 respectively, with higher limits requiring enhanced due diligence and management approval. Banks are required to conduct comprehensive customer due diligence, provide public awareness campaigns, report account refusals quarterly, and align their internal systems with these directives within three months of issuance.