Instructions No. 2 of 2022 Regarding the Amendment of Instructions No. 21 of 2021 Concerning the Opening and Management of Money Changers' Accounts

Palestine Monetary Authority PALESTINE MONETARY AUTHORITY

Instructions No. (2) of 2022 Regarding the Amendment of Instructions No. (21) of 2021 Concerning the Opening and Management of Money Changers' Accounts

Pursuant to the provisions of Law No. (9) of 2010 on Banks, particularly Articles (43) and (72) thereof, and Decision No. (41) of 2016 on the Licensing and Supervision of the Money Changers Profession, particularly Article (27) thereof, and Law No. (20) of 2015 and its amendments on Combating Money Laundering and the Financing of Terrorism, and Instructions No. (21) of 2021 Concerning the Opening and Management of Money Changers' Accounts, and in accordance with the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:

Article (1) Definitions

The words and phrases contained in these Instructions shall have the meanings assigned to them below, unless the context indicates otherwise: Original Instructions: Instructions No. (21) of 2021 Concerning the Opening and Management of Money Changers' Accounts.

Article (2) Objective and Scope of Application

1. The provisions of these Instructions aim to regulate the requirements for providing the rapid remittance service between principal and sub-agents of rapid remittance companies.
2. The provisions of these Instructions shall apply to all banks licensed by the Palestine Monetary Authority to conduct banking business.

Article (3) Services and Operations Permitted for Money Changers to Conduct Through Their Bank Account

The text of Article (3), paragraph (6/c) of the Original Instructions is hereby repealed.

Article (4) Exclusivity of Service Provision

A new paragraph numbered (4) is added to Article (7) of the Original Instructions, stipulating the following: "All conditions related to the exclusivity of providing rapid remittance services from a single provider, or restricting the operation of rapid remittance services for a specific period, or any related penalty clauses, are deemed null and void."

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Palestine Monetary Authority PALESTINE MONETARY AUTHORITY

Article (5) Repeal of Conflicting Provisions

All provisions conflicting with the provisions of these Instructions are hereby repealed.

Article (6) Implementation and Enforcement

All competent authorities shall, each within their respective jurisdiction, implement the provisions of these Instructions, which shall apply from the date of their issuance. Issued in Ramallah on 3/03/2022 AD.

Dr. Firas Malham Governor

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