Regulatory Alerts2022-01-01
Instructions No. 2 of 2022 Regarding the Amendment of Instructions No. 21 of 2021 Concerning the Opening and Management of Money Changers' Accounts
The Palestine Monetary Authority issued Instructions No. 2 of 2022 to amend Instructions No. 21 of 2021 concerning the opening and management of money changers' accounts. The revised regulations establish requirements for rapid remittance services between principal and sub-agents, apply to all PMA-licensed banks, and explicitly nullify any exclusivity agreements, time-based restrictions, or penalty clauses tied to these services. The amendments repeal specific conflicting provisions from the original instructions and take effect immediately upon issuance.
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