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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2018/22)
To all exchangers operating in Palestine
Date: Sunday, February 18, 2018
Subject: Opening and Use of Bank Accounts
In the context of the Palestine Monetary Authority's efforts to elevate the exchange sector in Palestine, and based on Decision No. (41) of 2016 regarding the licensing and supervision system for the exchange profession, and Instructions No. (2011/03) dated 20/12/2011 concerning permitted and prohibited activities, the Authority emphasizes the necessity to comply with the following when opening and using accounts in various currencies at banks:
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Open the account under the exchange business's commercial name and do not use personal names or other commercial accounts belonging to the establishment/company owners or its employees for exchange purposes.
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Use the exchange business's account at the bank exclusively for exchange purposes and permitted activities in accordance with the aforementioned Decision and the regulations governing exchange work in Palestine.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Email: info@pma.ps
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Email: info@pma.ps
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487