Regulatory Alerts2015-01-01
Circular No. 119: Language of Official Documents Required for Account Opening and Updating
The Palestine Monetary Authority issued Circular No. 19/2015 mandating that all banks operating in Palestine must use Arabic as the primary language for official documents required during account opening and updating processes, particularly for companies, institutions, and entities. This directive reinforces previous instructions (No. 2009/08) by requiring that if original documents are not in Arabic, banks must obtain and retain officially certified Arabic translations. The requirement takes effect immediately upon the circular's issuance date of October 1, 2015, and applies to all new and updated accounts without exception.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (19/2015)
To all banks operating in Palestine
Date: Thursday, October 01, 2015
Subject: Language of Official Documents Required for Account Opening/Updating
Further to Instructions No. (2009/08) dated 24/12/2009 regarding account opening and closure, dormant accounts, banking secrecy, transfers, and trust deeds, particularly Item No. (2/1/8) thereof concerning the official documents required for account opening, all banks operating in Palestine are requested, when conducting account opening/updating processes, especially for companies, institutions, and entities, to ensure that the language of all official documents required for account opening/updating is Arabic. In the event this is not possible, an officially certified Arabic translation must be provided, effective from this date.
Deputy Governor
for Financial Stability Affairs
Supervision and Inspection Department
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487
Email: info@pma.ps
Email: info@pma.ps