Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (1/2018)
To all banks operating in Palestine
Date: Wednesday, January 03, 2018

Subject: Cooperative Societies Accounts

In light of the issuance of Law Decree No. (20) of 2017 concerning "Cooperative Societies", which aims to encourage and regulate cooperative work in Palestine to benefit cooperative members and the local community. Accordingly, banks are required to comply with the following:

1. The requirements of the aforementioned Law Decree when opening accounts for cooperative societies.
2. Obtain a registration certificate for the cooperative society from the Registrar of Cooperative Societies under the Cooperative Work Authority, and comply with rectifying or adjusting previously opened cooperative society accounts in accordance with the provisions of Article (66) of the Law Decree.
3. The Palestine Monetary Authority’s instructions and circulars regarding the opening and management of accounts in particular, and the requirements of the Law Decree provisions on combating money laundering and terrorist financing, its amendments, and the instructions issued thereunder.

Supervision and Inspection Department
Palestine Monetary Authority

Attachment: Law Decree No. (20) of 2017

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