Regulatory Alerts2022-01-01
Decision No. 55 of 2022 Amending Decision No. 132 of 2011 on the Licensing and Supervision of Specialized Lending Institutions and Its Amendments
Issued by the President of the State of Palestine on the proposal of the Palestinian Monetary Authority, Decision No. 55 of 2022 amends the licensing and supervision framework for specialized lending institutions by redefining key terms, expanding permissible activities to include retail remittances, agent payment services, microinsurance, and equity investments, and mandating strict compliance with anti-money laundering and terrorist financing regulations. The amendment requires all applicants and existing entities to obtain prior Monetary Authority approval for licensing, company registration, and specific operational expansions, while introducing risk-based supervision standards and enhanced governance requirements for market entry. It further empowers the Monetary Authority to issue detailed operational instructions, enforce competence and suitability criteria for board members and key executives, and mandates continuous risk assessment, documentation, and resource allocation tailored to the institution's risk profile.