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.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (304/2022) To All Money Exchangers Operating in Palestine Date: Thursday, December 08, 2022
Subject: Establishment and Foundation of an Unlicensed Bank
In reference to media reports regarding the establishment and foundation of an entity named "Palestinian Waqf Bank" in the Gaza Strip, the Palestine Monetary Authority confirms that it has not granted any license to this entity or any other bank in recent periods, in accordance with the provisions of the Banks Law No. (9) of 2010.
Accordingly, all money exchangers are strictly prohibited from dealing with this entity in any form.
Supervisory Group Palestine Monetary Authority