Regulatory Alerts2025-01-01
Instructions No. (2) of 2025 Regarding Instant Payment System Services
The Palestine Monetary Authority issued Instructions No. (2) of 2025 to mandate all direct and indirect members to provide the complete suite of iBURAQ instant payment system services by April 15, 2025. Establishing clear definitions for members, customers, and system services, the directive requires compliance with existing banking and national payment laws while outlining specific penalties for non-compliance. The Instructions take immediate effect upon their March 24, 2025 issuance and apply universally to all system participants under the authority's regulatory oversight.
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