Regulatory Alerts2022-01-01
Decision No. (55) of 2022 Concerning the Amendment of Decision No. (132) of 2011 on the Licensing and Supervision of Specialized Lending Institutions and Its Amendments
The Palestinian Monetary Authority issued Decision No. (55) of 2022 to amend Decision No. (132) of 2011 regarding the licensing and supervision of specialized lending institutions. The amendment formally defines specialized lending institutions and their branches, restricts licensing to registered joint-stock companies, and expands permitted activities to include retail remittances, agent payment services, micro-insurance, borrowing, equity investments, and grants under specific regulatory instructions. Furthermore, it mandates strict anti-money laundering and terrorist financing compliance, requiring a risk-based approach, senior management-approved policies, continuous staff training, and documented risk assessments aligned with the institution's operational scale and complexity.