Regulatory Alerts2018-01-01
Circular No. 84: Approval of New Wording on Company Registration Certificates Issued by the Companies Registrar
The Palestine Monetary Authority issued Circular No. 84 (2018) to mandate that all banks operating in Palestine must accept the newly worded company registration certificates issued by the Companies Registrar. The directive addresses prior complaints where banks incorrectly refused these certificates based on a standard disclaimer stating that the document does not exempt companies from obtaining separate licenses from competent authorities. Banks are explicitly instructed to accept the modified certificates without restriction when opening corporate accounts or processing related transactions.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (84/2018) To all banks operating in Palestine Date: Tuesday, April 17, 2018
Subject: Approval of the New Wording on Company Registration Certificates Issued by the Companies Registrar
With reference to the above subject, and in light of several complaints regarding certain banks' refusal to accept the new wording on company registration certificates issued by the Companies Registrar, which states: "This certificate does not exempt the company from obtaining the necessary licenses from the competent authorities," when opening accounts or conducting any transactions on them. All banks are hereby requested to accept the company registration certificate in the modified wording above when opening accounts for companies or conducting transactions on them.
Supervision and Inspection Department Palestine Monetary Authority
Ramallah - Palestine PO. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Fax: +970 2 2415310 | Tel: +970 2 2415250 | P.O. Box 452, Ramallah - Palestine Gaza - Palestine PO Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Fax: +970 8 2844487 | Tel: +970 8 2825292 | P.O. Box 4026, Gaza - Palestine Email: info@pma.ps | Email: info@pma.ps