Regulatory Alerts2018-01-01
Instructions No. 1 of 2018 Regarding Licensing of Payment Service Companies
The Palestine Monetary Authority issued Instructions No. 1 of 2018 to regulate and license payment service companies, covering both payment system services and electronic payment services. The regulations establish strict licensing requirements, including preliminary approval, detailed documentation of business plans and governance, and prior approval for key executive appointments. Additionally, the Authority maintains the power to impose constraints on critical payment system providers to ensure financial stability and compliance with anti-money laundering standards.
Share