Regulatory Alerts2010-01-01
Circular No. 123: Commencement of the New Banking Law
The Palestine Monetary Authority issued Circular No. 123 to announce the immediate commencement of Law Decree No. (9) of 2010 concerning Banks, which officially repeals the previous Banking Law No. (2) of 2002. All banks operating in Palestine are required to fully align their operations and legal status with the new legislation within the compliance deadline set forth in Article (74). Existing PMA regulations and guidelines remain valid only to the extent they do not conflict with the new law, pending formal replacement under the new statutory framework.
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