RegAlert

Rule · PMA · 17 Jul 2017

Circular No. 178/2017: Foreign Company Accounts

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The Palestine Monetary Authority mandates that all banks operating in Palestine strictly comply with registration requirements for foreign companies, including Israeli entities, when opening new accounts. Banks must regularize existing accounts for foreign companies that lack completed legal procedures with the Companies Registrar or Ministry of National Economy by December 31, 2017, as a condition for maintaining business relationships. Additionally, financial institutions are required to implement enhanced due diligence measures for all transactions involving these foreign companies.

PalestinePalestine Monetary Authority

Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. 178/2017
To all banks operating in Palestine
Date: Monday, July 17, 2017

Subject: Foreign Company Accounts

Based on the requirements of Articles 38 and 219 of Companies Law No. (12) of 1964, and in addition to the requirements of Circular No. (2008/19) dated 06/02/2008 regarding the opening of accounts for foreign companies, we emphasize the necessity of complying with the requirements for registering foreign companies, including Israeli companies, when opening new accounts for such companies, and working to regularize the status of accounts opened for foreign companies that have not completed the legal procedures with the Companies Registrar/Ministry of National Economy by the latest date of 31/12/2017 as a condition for continuing to deal with them, and adopting enhanced due diligence measures regarding transactions related to those companies.

Supervision and Inspection Department
Palestine Monetary Authority

Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 | Email: info@pma.ps | www.pma.ps Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Email: info@pma.ps | www.pma.ps

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Companies Law No. (12) of 1964Not in RegAlertCompanies Law No. (12) of 1964 — Not in RegAlertMentions (1)a document this one mentionsopen the list below the graph ▾Mentions (1): a document this one mentions without changing it — open the list below the graphCircular No. 178/2017: ForeignCompany Accounts2017-07-17 · this documentCircular No. 178/2017: Foreign Company Accounts (2017-07-17)
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The links and the sentences they come from (1)
Issued under
  • Companies Law No. (12) of 1964Not in RegAlert

    “Based on the requirements of Articles 38 and 219 of Companies Law No. (12) of 1964”

Mentions (1): 1 document this one mentions without changing it
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Source: Palestine Monetary Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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