Regulatory Alerts2023-01-01
Instructions No. (11) of 2023 Concerning Banking Accounts and Providing Investment Services to Customers Outside Palestine
The Palestine Monetary Authority issued Instructions No. 11 of 2023 to safeguard financial stability and protect depositor funds by regulating cross-border banking and investment activities. The directive explicitly prohibits licensed banks from marketing or facilitating banking accounts for citizens outside Palestine, and mandates prior written approval for offering any investment, fund, or trading services in foreign markets. Violations of these provisions are subject to penalties under Decision-Law No. 9 of 2010 Concerning Banks, with all conflicting regulations repealed and immediate enforcement upon issuance.
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