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provisions are subject to penalties under Decision-Law No. 9 of 2010 Concerning Banks, with all conflicting regulations repealed and immediate enforcement upon issuance.
[Logo of the Palestine Monetary Authority] 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
- The provisions of these Instructions aim to maintain financial stability and protect depositors' funds and investments.
- 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:
- Promoting, marketing, or taking any measures aimed at opening banking accounts for citizens outside Palestine.
- 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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[Logo of the Palestine Monetary Authority] 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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