Regulatory Alerts2015-01-01
Circular No. 119: Language of Official Documents Required for Account Opening and Updating
The Palestine Monetary Authority mandates that all banks operating in Palestine must use Arabic as the primary language for official documents required during account opening and updating processes, particularly for companies, institutions, and entities. If original documents cannot be provided in Arabic, banks are required to obtain and retain officially certified Arabic translations effective immediately. This directive reinforces previous 2009 instructions on account management and banking secrecy by standardizing documentation language to ensure regulatory compliance and operational transparency.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (19/2015) To all banks operating in Palestine Date: Thursday, October 1, 2015
Subject: Language of Official Documents Required for Account Opening/Updating
Further to Instructions No. (2009/08) dated 2009/12/24 regarding account opening and closing, dormant accounts, banking secrecy, transfers, and trust deeds, particularly Item No. (2/1/8) thereof concerning the official documents required for account opening, all banks operating in Palestine are requested, when conducting account opening/updating processes especially for companies, institutions, and entities, to ensure that the language of all official documents required for account opening/updating is Arabic, and in case this is not feasible, an official Arabic translation must be provided, effective from this date.
Deputy Governor for Financial Stability Affairs
Supervision and Inspection Department
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 Email: info@pma.ps | Email: info@pma.ps