Regulatory Alerts2018-01-01
Circular No. 1 Cooperative Societies Accounts
The Palestine Monetary Authority issued Circular No. 1/2018 mandating all Palestinian banks to comply with Law Decree No. 20 of 2017 governing cooperative societies. Banks are required to obtain valid registration certificates from the Cooperative Work Authority and rectify or adjust any previously opened cooperative accounts per Article 66 of the decree. Furthermore, banks must strictly follow the Authority’s account management directives and anti-money laundering and counter-terrorist financing regulations when handling these accounts.
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