Regulatory Alerts2014-01-01
Instructions No. (09) of 2014 Concerning the Management of Deceased Accounts
The Palestine Monetary Authority issued Instructions No. (09) of 2014 mandating banks to implement standardized procedures for managing deceased customer accounts, including immediate account holds, suspension of cards and electronic services, and dual-control oversight. The directive requires banks to inventory and secure balances, continue accruing interest per contract, and distribute inheritance shares only after legal department approval and internal audit verification. If unclaimed balances remain unsettled for three consecutive years, they must be transferred to a suspense account, publicly advertised with regulatory approval, and ultimately remitted to the Authority if still unclaimed.
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