Regulatory Alerts2023-01-01
Circular No. 61 Wages of Palestinians Working Inside the Green Line
The Palestine Monetary Authority issued Circular No. 61/2023 mandating all Palestinian banks to open dedicated accounts for Gaza workers employed inside the Green Line and provide them with English-language account details. The directive requires banks to promptly post wage transfers, activate dormant or automatically closed accounts for this purpose, and implement a specific system classification for these workers. Additionally, banks must supply monthly or requested statistical reports on account activity and transfer volumes to the Authority's Anti-Money Laundering and Counter-Terrorist Financing Department.
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