Regulatory Alerts2021-01-01
Instructions No. 16 on the Recovery of Settlement Fees
The Palestine Monetary Authority issued Instructions No. 16 of 2021 to formally repeal the 2020 regulations governing settlement fees and replace them with a new regulatory framework for fee recovery. These instructions mandate that all banks licensed to operate in Palestine comply with the updated settlement fee provisions effective July 1, 2021. The directive also repeals any prior regulatory provisions that conflict with its terms to ensure uniform enforcement across the banking sector.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Instructions No. (16) 2021
Regarding the Recovery of Settlement Fees
Pursuant to the provisions of Law Decree No. (9) of 2010 concerning Banks, particularly Article (72) thereof,
and after reviewing Instructions No. (2) of 2017 concerning Returned Cheques, Settlements, Suspended and Lost Cheques,
and Instructions No. (35) of 2020 concerning Settlement Fees,
and based on what was approved by the Board of Directors of the Palestine Monetary Authority in its meeting No. (235) dated 2021/06/03,
and in accordance with the powers delegated to us,
and in the public interest,
we have issued the following Instructions:
Article (1)
Scope of Application
The provisions of these Instructions shall apply to all banks licensed to operate in Palestine.
Article (2)
Settlement Fees
Instructions No. (35) of 2020 concerning Settlement Fees are hereby repealed.
Article (3)
Repeal
Any provision inconsistent with the provisions of these Instructions is hereby repealed.
Article (4)
Implementation and Enforcement
All competent authorities shall implement the provisions of these Instructions according to their respective jurisdictions, and they shall apply from 2021/07/01.
Issued in Ramallah on 2021/06/15
Dr. Firas Malham
Governor
Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Phone: +970 2 2415251
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Phone: +970 8 2825713