Regulatory Alerts2018-01-01
Circular No. 15 Foreign Company Accounts
The Palestine Monetary Authority issued Circular No. 15/2018 mandating that all banks operating in Palestine must finalize the regularization of foreign company accounts, including non-compliant Israeli entities, with the Ministry of National Economy's Companies Registrar by February 28, 2018. The directive builds upon previous regulatory guidance and explicitly requires financial institutions to apply enhanced due diligence measures to all transactions associated with these accounts. Compliance is strictly enforced to ensure alignment with national laws governing corporate account structures and financial oversight.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (15/2018)
To all banks operating in Palestine
Date: Tuesday, February 13, 2018
Subject: Foreign Company Accounts
In order to regulate the status of foreign company accounts in compliance with the law, and in reference to our Circular No. (2017/273) regarding the regularization of accounts opened by these companies, including Israeli companies that have not completed legal procedures, we emphasize the necessity of completing the regularization of these accounts with the Companies Registrar at the Ministry of National Economy by no later than 2018/02/28.
We highlight the necessity of implementing enhanced due diligence measures regarding financial transactions related to these accounts.
Supervision and Inspection Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Fax: +970 2 2415310 | Tel: +970 2 2415250 | P.O. Box 452 - Ramallah - Palestine
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Fax: +970 8 2844487 | Tel: +970 8 2825292 | P.O. Box 4026 - Gaza - Palestine
Email: info@pma.ps | Email: info@pma.ps
www.pma.ps