Circular No. 70: Banking Transactions with Charitable Societies

The Palestine Monetary Authority issued Circular No. 70/2024 to address recent unsubstantiated complaints regarding banking services provided to charitable societies. The directive mandates that all operating banks strictly comply with Circular No. 2020/128 when opening accounts and delivering financial services to non-profit organizations. This requirement standardizes regulatory oversight and ensures justified banking practices toward charitable entities.

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Palestine Monetary Authority

Circular No. (70 / 2024)
To all banks operating in Palestine
Date: Sunday, August 04, 2024

Subject: Banking Transactions with Charitable Societies

Recently, a number of complaints have been received regarding banking services provided to charitable societies, without valid reasons or justifications for such actions.

Accordingly, the Palestine Monetary Authority reiterates the necessity of complying with the requirements of Circular No. (2020/128) when opening accounts and providing banking and financial services to non-profit organizations.

Supervision Group
Palestine Monetary Authority

Copy to: The Honorable Ministry of Interior.

--- www.pma.ps
Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452 Postal code: 6160675 | Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps ---

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Lineage: In force

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Circular No. 70: Banking Transactions with Charitable Societies

Lineage: In force

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