Regulatory Alerts2018-01-01
PMA Instructions No. 1 of 2018 on Licensing Payment Service Companies
The Palestine Monetary Authority issued Instructions No. 1 of 2018 to regulate the licensing, operation, and oversight of payment service companies and electronic payment service providers within Palestine. The directive mandates prior written approval for company registration, establishes comprehensive application requirements including feasibility studies, governance frameworks, and anti-money laundering compliance, and grants the Authority powers to appoint executive management, classify providers by systemic importance, and impose operational restrictions to ensure financial stability. It further outlines strict eligibility criteria for founders and senior executives, defines the scope of payment systems and electronic services, and sets forth detailed procedures for preliminary approvals, licensing, and ongoing regulatory supervision.