Regulatory Alerts2024-01-01
Circular No. 70: Banking Transactions with Charitable Societies
The Palestine Monetary Authority issued Circular No. 70/2024 to address recent unsubstantiated complaints regarding banking services provided to charitable societies. The directive mandates that all operating banks strictly comply with Circular No. 2020/128 when opening accounts and delivering financial services to non-profit organizations. This requirement standardizes regulatory oversight and ensures justified banking practices toward charitable entities.
Palestine Monetary Authority
Circular No. (70 / 2024) To all banks operating in Palestine Date: Sunday, August 04, 2024
Subject: Banking Transactions with Charitable Societies
Recently, a number of complaints have been received regarding banking services provided to charitable societies, without valid reasons or justifications for such actions.
Accordingly, the Palestine Monetary Authority reiterates the necessity of complying with the requirements of Circular No. (2020/128) when opening accounts and providing banking and financial services to non-profit organizations.
Supervision Group Palestine Monetary Authority
Copy to: The Honorable Ministry of Interior.