Banks - 2024 - Circular No. 27: Final Financial Statements for the Year 2024

The Palestine Monetary Authority requires all money changers operating in Palestine to submit audited final financial statements for the year 2024, along with an external auditor's opinion report stamped by the auditor, financial position and income statements extracted from the Authority's qualified accounting system and stamped by the changer, a letter from the external auditor explaining discrepancies between the system reports and audited statements if any, and an auditor's evaluation of internal controls regarding anti-money laundering and counter-terrorist financing. These submissions must be denominated in US dollars and delivered by March 31, 2025, under penalty of legal action for non-compliance.

Palestine

Palestine Monetary Authority

Palestine Monetary Authority

Circular No. (27 / 2024) To all money changers operating in Palestine Date: Tuesday, December 24, 2024

Subject: Final Financial Statements for the Year 2024

Based on Article No. (20) of Law No. (40) of 2022 concerning the licensing and supervision of the money changing profession and Instruction No. (3) of 2022 concerning the accounting system, reports, and financial statements, all money changers are requested to provide us with the following requirements, provided that a contract is concluded with an external auditor licensed by the Auditing Profession Council and holding a valid practicing license issued by the Palestinian Association of Certified Public Accountants and registered in the list of practicing auditors issued by the Council:

The audited final financial statements for the year 2024, accompanied by the external auditor's opinion report, stamped with the auditor's seal.
Report No. (1) "Statement of Financial Position" and Report No. (2) "Statement of Income" for the year 2024, extracted from the accounting system qualified by the Palestine Monetary Authority, stamped with the money changer's seal.
A letter from the external auditor explaining the reasons for differences between the accounting system reports and the audited financial statements, in case of any differences.
The auditor must evaluate the effectiveness of internal controls and state their opinion regarding controls related to the anti-money laundering and counter-terrorist financing environment.

Please adhere to the above requirements by the deadline of March 31, 2025, provided that all submitted data and financial statements are denominated in US dollars; otherwise, necessary legal measures will be taken.

Note: Please ensure to provide the external auditor with a copy of this circular.

Supervision Group Palestine Monetary Authority

www.pma.ps Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452 | Phone: +970 2 2415251 | Fax: +970 2 2415310 | Postal code: P6160675 | info@pma.ps