Regulatory Alerts2007-01-01
Circular No. 67 Pre-1967 Accounts
The Palestine Monetary Authority mandates that all banks operating in Palestine segregate pre-1967 customer account balances into a dedicated "unclaimed balances" account within their general ledger. Banks must continuously disclose these balances via Call Reports, apply mandatory reserve requirements to the deposits, and submit detailed currency-specific statements to the Authority. These statements must explicitly list customer names, account types, account numbers, and corresponding balances to ensure full regulatory oversight.
Palestine Monetary Authority
Palestinian Monetary Authority
Circular No. (67/2007) To all banks operating in Palestine Date: Thursday, April 12, 2007
Subject: Pre-1967 Accounts
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All banks holding pre-1967 customer account balances must process them within the bank's general ledger and segregate them from other dormant accounts by recording them in a special account (unclaimed balances).
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Disclose those balances in the bank's financial statements on a continuous basis via the Call Report and subject the deposits to the mandatory reserve requirement.
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Provide the Monetary Authority with a detailed statement of those accounts by currency, indicating customer names, account types, account numbers, and their balances.
Banking Supervision Department Palestinian Monetary Authority
Ramallah - Al Bireh P.O. Box 452, Tel: 02 240 9920, Fax: 02 240 9922 Gaza: P.O. Box 4026, Tel: 08 282 5713, Fax: 08 284 4487 E-mail: info@pma.gov.ps Ramallah - Al Bireh P.O. Box 452, Tel: 02 240 9920, Fax: 02 240 9922 Gaza P.O. Box 4026, Tel: 08 282 5713, Fax: 08 284 4487 www.pma-palestine.org