Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (2018/22)

To all banks operating in Palestine

Date: Sunday, February 18, 2018

Subject: Opening and Use of Accounts at Banks

In the context of the Palestine Monetary Authority's efforts to elevate the banking sector in Palestine, and based on Decision No. (41) of 2016 regarding the licensing and supervision system for the banking profession, and Instructions No. (2011/03) dated 20/12/2011 concerning permitted and prohibited activities, the Authority emphasizes the necessity of adhering to the following when opening and using accounts in various currencies at banks:

1. Opening the account under the bank's commercial name and not using the personal name or other commercial accounts of the establishment/company owners or its employees for banking purposes.
2. Using the bank's account at the bank exclusively for banking purposes and permitted activities in accordance with the aforementioned Decision and the regulations governing banking work in Palestine.

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Supervision and Inspection Department
Palestine Monetary Authority

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