Regulatory Alerts2022-01-01
Decision No. (55) of 2022 Amending Decision No. (132) of 2011 on the Licensing and Supervision of Specialized Lending Institutions
Issued by President Mahmoud Abbas of the State of Palestine, Decision No. (55) of 2022 amends the Licensing and Supervision framework for Specialized Lending Institutions by redefining key terms, restricting licensing to registered joint-stock companies, and expanding permissible activities to include retail remittances, agent payment services, micro-insurance, and equity investments. The amendment mandates strict compliance with anti-money laundering and terrorist financing legislation, requiring institutions to implement risk-based approaches, conduct pre-launch risk assessments, and maintain documented controls approved by senior management. Furthermore, it establishes competency and suitability criteria for market entry, ownership structures, and board appointments, while granting the Palestinian Monetary Authority explicit authority to issue operational instructions and approve new company registrations.