Regulatory Alerts2017-01-01
Circular No. 222 Transfer of Funds, Precious Metals, and Valuable Documents
The Palestine Monetary Authority mandates strict adherence to Circular No. 09/2016 concerning the transfer of funds, precious metals, and valuable documents. The directive explicitly enforces Article 5, Item 1, which prohibits all operating banks from contracting external personnel for transfer operations unless they possess valid licensing from security authorities and the competent regulatory body. This regulatory reminder reinforces the mandatory vetting of third-party logistics providers to maintain operational security and full compliance with Palestinian financial regulations.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (222/2017)
To all banks operating in Palestine
Date: Monday, October 23, 2017
Subject: Transfer of Funds, Precious Metals, and Valuable Documents
Further to Instructions on the Transfer of Funds, Precious Metals, and Valuable Documents No. (09/2016), we reiterate the necessity of complying with the requirements of the aforementioned instructions, including Item No. (1) of Article (5) regarding the external contractor for transfer operations, which stipulates that "a bank is prohibited from conducting transfer operations with any person who does not hold the necessary license from the security authorities and the competent authority."
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Phone: +970 2 2415250 | Fax: +970 2 2415310 | Ramallah - Palestine P.O. Box 452
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Phone: +970 8 2825292 | Fax: +970 8 2844487 | Gaza - Palestine P.O. Box 4026
Email: info@pma.ps | Email: info@pma.ps
www.pma.ps