Regulatory Alerts2018-01-01
Circular No. 22 (2018): Opening and Use of Bank Accounts by Exchangers
The Palestine Monetary Authority issued Circular No. 22 (2018) to standardize banking account practices for licensed exchange businesses operating in Palestine. The directive mandates that exchangers must open and maintain accounts strictly under their official commercial business name, explicitly prohibiting the use of personal or third-party commercial accounts for exchange operations. Additionally, it requires that these designated accounts be utilized exclusively for permitted exchange activities in strict compliance with Decision No. 41 of 2016 and Instructions No. 2011/03.
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