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Rule · PMA · 15 Sep 2022

Circular No. 208: Use of Personal Accounts in Commercial Business

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The Palestine Monetary Authority requires all banks operating in Palestine to accurately disclose commercial banking facilities granted under personal account names within their submitted credit information reports. This directive enforces Circular No. (2020/234) by restricting personal account usage for business and promoting trade-name account registration. Banks must provide the Authority with precise statistics on these accounts within one week of the circular's date.

PalestinePalestine Monetary Authority

Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY

Circular No. (208/2022)
To all banks operating in Palestine Date: Thursday, 15 September 2022

Subject: Use of Personal Accounts in Commercial Business

In compliance with the requirements of Circular No. (2020/234) dated 09/12/2020, particularly regarding limiting the use of personal accounts in commercial business and restricting account opening to the trade name according to the registration and licensing certificate issued by the competent authority and/or according to the name approved in the licensed tax identification number, and since the Palestine Monetary Authority encourages obtaining banking facilities for commercial purposes under the trade name of projects, all banks are requested to properly disclose accounts that have been granted banking facilities under a personal name for commercial purposes within the credit information report submitted to the Palestine Monetary Authority, along with providing us with accurate statistics related to those accounts within one week from the date of this circular.

Supervision Group
Palestine Monetary Authority

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Circular No. 234 dated 2020-12-09Not in RegAlertCircular No. 234 dated 2020-12-09 — Not in RegAlertCircular No. 208: Use ofPersonal Accounts in Commerci…2022-09-15 · this documentCircular No. 208: Use of Personal Accounts in Commercial Business (2022-09-15)
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Issued under
  • Circular No. 234 dated 2020-12-09Not in RegAlert

    “In compliance with the requirements of Circular No. (2020/234) dated 09/12/2020, particularly regarding limiting the use of personal accounts in commercial business”

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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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