Regulatory Alerts2019-01-01
Instructions on the Mother's Right to Open Bank Accounts for Her Minor Children 2019
The Palestine Monetary Authority issued Instructions No. 14 of 2019 to regulate the operational procedures for mothers opening bank accounts for their minor children. The directive mandates that banks open specific current, savings, or time deposit accounts under the mother's management, restricting her authority to deposits, withdrawals, limited ATM cards, and internal transfers while prohibiting collateralization or third-party mandates. Upon the minor reaching the legal age or the mother's death, the account is automatically transferred to the minor or frozen pending court orders, with full balance distribution required upon majority.
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