Regulatory Alerts2023-01-01
Instructions No. (1) of 2023 Concerning the E-Money Guarantee Account
The Palestine Monetary Authority issued Instructions No. (1) of 2023 to regulate the establishment and management of e-money guarantee accounts for licensed payment service companies. The directive mandates that companies deposit all e-money user funds into dedicated, audited guarantee accounts held at licensed banks, maintaining balances that strictly cover issued e-money liabilities while prohibiting the use of these accounts as collateral or for corporate debts. Furthermore, it requires monthly reporting, daily internal audits, and grants the Authority direct control over the accounts to safeguard user funds in cases of company insolvency or bank liquidation.
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