Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (21/2018)

To all banks operating in Palestine

Date: Sunday, February 18, 2018

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Subject: Management of Money Changers' Accounts

In the context of the Palestine Monetary Authority's efforts to supervise the financial sector in Palestine by strengthening oversight mechanisms for this sector, and based on the provisions of Law Decree No. (9) of 2010 concerning Banks and Instruction No. (2012/06) dated 2012/05/30 concerning the management of money changers' accounts, the Palestine Monetary Authority emphasizes the necessity of complying with the aforementioned instructions and acting as follows:

1. Ensure that banks are committed to using a dedicated bank account exclusively for money changing purposes and permitted activities in accordance with Decision No. (41) of 2016 concerning the licensing and supervision system for the money changing profession and the instructions governing money changing work in Palestine.

2. Channel all bank transactions through the bank's commercial account, and prohibit the use of other personal or commercial accounts for money changing activities.

3. Provide us with accounts suspected of being used for money changing purposes, whether by money changers or non-money changers.

4. Provide us with accounts whose transactions have been suspended due to suspicion of practicing the money changing profession without obtaining the necessary license from the Palestine Monetary Authority.

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Supervision and Inspection Department

Palestine Monetary Authority

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www.pma.ps

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