Regulatory Alerts2022-01-01
Circular No. 304/2022: Establishment and Foundation of an Unlicensed Bank
The Palestine Monetary Authority issued Circular No. 304/2022 to formally warn money exchangers against engaging with any entity claiming to be the "Palestinian Waqf Bank" in Gaza. The regulator explicitly states that no license has been granted to this entity or any other unregistered bank under the Banks Law No. 9 of 2010. Consequently, all licensed money exchangers are strictly prohibited from conducting any transactions or business dealings with the unlicensed entity in any form.
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