Regulatory Alerts2017-01-01
Circular No. 243 on Dealing with Foreign Exchange Companies
The Palestine Monetary Authority mandates that all domestic banks obtain prior regulatory approval and submit comprehensive due diligence documentation before establishing or maintaining direct or indirect business relationships with foreign exchange companies. Banks processing electronic money transfers through these entities must strictly adhere to a daily transaction limit of US $7,000 per sender or beneficiary, process each transfer individually with full identification data, and ensure the counterparty bank is structured as a corporate entity. All covered transfers remain subject to mandatory reporting obligations under the directives of the National Committee for Combating Money Laundering and Terrorist Financing.
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