Regulatory Alerts2024-01-01
Circular No. 6/2024 Update of Company Data
The Palestine Monetary Authority issued Circular No. 6/2024 to suspend the mandatory submission of updated registration certificates for Gaza-based companies until current crisis conditions resolve, while ensuring uninterrupted financial services. Banks must maintain standard and enhanced due diligence procedures, accept free inquiry response data as reliable for verifying shareholders and authorized signatories, and facilitate remote data updates through internet and mobile banking applications. These measures eliminate service restrictions tied to data updates and remove the requirement for new registration certificates when existing bank records remain unchanged.
Palestine Monetary Authority
Circular No. ( 6 / 2024 ) To all banks operating in Palestine Date: Wednesday, July 10, 2024
Subject: Update of Company Data
Given the continued tragic conditions resulting from the aggression on our people in the Gaza Strip, and to alleviate burdens on clients, particularly in the corporate sector, and ensure the continued provision of financial and banking services to them, and following Circular No. (202/2022) regarding the update of client data, we confirm the necessity to comply with the following:
- The provision of updated registration certificates issued by the competent authority for companies operating in the Gaza Strip is not required until the current conditions cease.
- Financial and banking services provided to companies shall not be restricted, nor shall the continuation of services be linked to data updates.
- The continued application of due diligence procedures and requirements, as well as enhanced due diligence measures.
- Reliance on company data available via the free inquiry response for purposes of identifying shareholders and authorized signatories, considering them reliable and acceptable for data update and verification processes, without the need to obtain a new registration certificate if no amendments have occurred to the registration data available at the bank.
- Facilitating companies' ability to update their data using phones and electronic applications (internet banking, and mobile banking).
Supervision Group Palestine Monetary Authority
www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Postal Code: P6160675 | Phone: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps