Regulatory Alerts2012-01-01
Instructions No. 9 of 2012 Regarding Opening Accounts for Charitable, Cooperative, and Civil Society Organizations
The Palestine Monetary Authority has amended Instructions No. (2012/08) by replacing Paragraph (3) to mandate strict compliance for banks opening accounts for charitable, cooperative, and civil society organizations. Financial institutions must now collect sufficient information and documentation to fully satisfy "Know Your Customer" (KYC) requirements whenever an account is opened or the entity's legal status changes. Additionally, banks are required to update customer account data using official records from the Ministry of Interior or the competent legal authority in accordance with Instructions No. (2009/8).
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