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.
[Logo of the Palestine Monetary Authority]
PALESTINE MONETARY AUTHORITY
Circular No. (61/2023) To all banks operating in Palestine Date: Tuesday, March 07, 2023
Subject: Wages of Palestinian Workers Inside the Green Line
Further to our Circular No. (2022/193), and with the Palestine Monetary Authority's commitment to safeguarding workers' rights and expediting the posting of wages and transfers to their bank accounts, the Authority emphasizes the necessity to comply with the following:
- Opening bank accounts for Gaza Strip workers employed inside the Green Line at the bank's main branch.
- Providing workers with their bank account details in English, including (customer name, ID number, bank name, branch code, account number, IBAN).
- Reminding workers to review their employers' (hiring entities) verification of the accuracy of their bank account details as mentioned above, and urging them to continue transferring full wages via bank accounts.
- Posting transfers to workers' accounts without delay, and following up on pending transfers as soon as possible.
- Activating dormant and automatically closed accounts for the purpose of posting workers' wage transfers.
- Creating a special classification for workers inside the Green Line in the banking systems.
- Preparing the banking system to extract statistics related to workers' accounts and wages, and providing them to our Anti-Money Laundering and Counter-Terrorist Financing Department on a monthly and/or upon request basis according to the attached statements.
Supervision Group Palestine Monetary Authority
www.pma.ps Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452 | Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825713 | Fax: +970 8 2844487
| Customer Name | ID Number | Account Number | Account Status | Branch | Governorate | Incoming Transfer Value During the Month (NIS) |
|---|---|---|---|---|---|---|
| Active/Dormant | Each transfer must be provided separately if the person receives more than one transfer |
1 Does not include the number of pending transfers 2 Does not include the values of pending transfers
| Branch | Governorate | Number of Workers' Accounts Opened at the Bank (Cumulative) | Number of Accounts That Received Financial Transfers During the Month | Number of Incoming Transfers During the Month 1 | Total Value of Incoming Transfers During the Month (NIS) 2 | Total Number of Pending Transfers (NIS) | Total Value of Pending Transfers (NIS) |
|---|---|---|---|---|---|---|---|