Regulatory Alerts2007-01-01
Circular No. 83/2007: Accounts of Foreign Association Branches
Issued by the Palestine Monetary Authority on December 4, 2007, Circular No. 83/2007 mandates that all banks operating in Palestine must not open new accounts for foreign associations unless they hold a valid license from the Ministry of Interior. This requirement enforces provisions under Law No. 1 of 2000 concerning Charitable Associations and Civil Organizations, as directed by an attached correspondence from the Minister of Interior. Financial institutions are strictly instructed to verify the licensing status of any foreign association before establishing any new banking relationship.
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