Regulatory Alerts2018-01-01
Palestine Monetary Authority Circular No. 79/2018 Transmitting Cabinet Decision No. 07/194/17 for 2018
The Palestine Monetary Authority issued Circular No. 79/2018 transmitting Cabinet Decision No. 07/194/17 for 2018, which legally empowers mothers to obtain passports and open bank accounts for their minor children. Financial institutions are required to notify mothers or legal guardians within three business days of any withdrawal request from a minor's account, ensuring all transactions prioritize the child's best interests. The decree also grants mothers the right to transfer minor children between schools and designates the Palestine Monetary Authority as the supervisory body responsible for enforcing compliance across all banks.
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