Regulatory Alerts2022-01-01
Instructions No. 7 of 2022 Concerning Cross-Border Financial Operations
The Palestine Monetary Authority issued Instructions No. 7 of 2022 to regulate cross-border financial operations conducted by licensed money exchange companies with external financial institutions. The regulations mandate prior written approval, strict risk mitigation protocols, secure cash shipment procedures, and mandatory use of approved international transfer systems and accounting records for all currency exchanges and remittances. Non-compliance triggers penalties under existing money exchange licensing and anti-money laundering laws, while explicitly prohibiting dealings with virtual or shell foreign institutions.
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