Instructions No. (11) of 2023 Concerning Banking Accounts and Providing Investment Services to Customers Outside Palestine

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Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY

Instructions No. (11) of 2023
Concerning Banking Accounts and Providing Investment Services to Customers Outside Palestine

Pursuant to the provisions of Decision-Law No. (9) of 2010 Concerning Banks, particularly Articles (43, 72) thereof, and in accordance with the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:

Article (1)
Objective and Scope of Application

1. The provisions of these Instructions aim to maintain financial stability and protect depositors' funds and investments.
2. The provisions of these Instructions apply to all banks licensed by the Palestine Monetary Authority to conduct banking business in Palestine.

Article (2)
Promotion and Marketing of Banking Services Outside Palestine Banks are prohibited from doing the following:

1. Promoting, marketing, or taking any measures aimed at opening banking accounts for citizens outside Palestine.
2. Promoting, marketing, or taking any measures aimed at providing investment services, investment funds, goods trading, metals trading, margin trading, or any other investment services in foreign markets without obtaining prior written approval from the Palestine Monetary Authority.

Article (3)
Penalties
Anyone who violates the provisions of these Instructions shall be penalized in accordance with the provisions of Decision-Law No. (9) of 2010 Concerning Banks.

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Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY

Article (4)
Repeal of Conflicting Provisions
All provisions conflicting with these Instructions are hereby repealed.

Article (5)
Implementation and Enforcement
All competent authorities shall implement the provisions of these Instructions according to their respective jurisdictions, and they shall apply from the date of their issuance.

Issued in Ramallah, on: 12/09/2023.

Dr. Firas Malham
Governor
[Signature]

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