Regulatory Alerts2021-01-01
Instructions No. 3 on the Provision of Electronic Wallet Services by Payment Service Companies
The Palestine Monetary Authority issued Instructions No. 3 of 2021 to regulate the secure and transparent provision of electronic wallet services by licensed payment service companies. The directive mandates strict due diligence, identity verification, and financial guarantee requirements for account opening, while establishing operational standards for funding, withdrawals, and inter-account transfers. It further defines specific transaction and balance caps for standard, temporary, and sub-wallet accounts, replacing previous 2020 regulations to align with national payment settlement laws.
Share