Regulatory Alerts2021-01-01
Instructions No. 3 Regarding Payment Service Companies Providing Electronic Wallet Services
The Palestine Monetary Authority issued Instructions No. 3 of 2021 to regulate the secure and transparent provision of electronic wallet services by licensed payment service companies. The directives mandate strict due diligence, written account opening requests, and specific financial guarantees to fully back all issued wallet balances. Furthermore, the regulations establish strict operational limits, including a maximum account balance and monthly transaction caps of $4,000, a $1,000 monthly cash withdrawal limit, and specific rules for temporary and sub-wallets, while repealing the previous 2020 framework.
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