Regulatory Alerts2018-01-01
Application for Approval of Payment Services Company License
The Palestine Monetary Authority issued Appendix 1 to standardize the application process for companies seeking a payment services license. The form mandates applicants to provide detailed founder profiles, legal and financial structures, a five-year strategic plan, and a three-year economic feasibility study. Additionally, it requires supporting documentation including good conduct certificates, operational policy descriptions, and a formal founders' declaration confirming the absence of bankruptcy, criminal convictions, or credit defaults.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Appendix (1)
Application for Approval of Payment Services Company License
| Date: | / / |
Applicant Information
| Proposed Company Name | |
|---|---|
| Legal Form of the Company | |
| Paid-up Capital | |
| Full Company Address | |
| Telephone Number | |
| Mobile Number | |
| Email Address |
Required Documents and Data to Attach
| No. | Document or Statement |
|---|---|
| 1 | List of founders' names, nationalities, places of residence, and CVs, including qualifications, experience, and supporting documents. |
| 2 | Draft memorandum of association and internal regulations of the company, ensuring the memorandum specifies the company's objectives. |
| 3 | Written explanatory statement on the type of payment service, its objectives, a description of its operational mechanisms, support for subscribers and beneficiaries, planned distribution locations, and any other explanatory materials requested by the Authority. |
| 4 | Economic feasibility study, estimated budgets, and potential company partners for the first three years of operation, based on realistic estimates. |
| 5 | Draft strategic business plan for the company for the next five years. |
| 6 | Certificate of good conduct for each founder issued by the competent authorities in Palestine. |
| 7 | Description of the policies and procedures to be used |
| 8 | Written letter from the founders confirming the following: <br> -a- None of the founders have been declared bankrupt or unable to pay debts without having their reputation restored. <br> -b- None of the founders have been convicted by a competent court of a final judgment for crimes of theft, fraud, embezzlement, forgery, defamation, bribery, breach of trust, crimes against honor, integrity, or public morals, or any money laundering crimes. <br> -c- Sound credit performance, including that none of the founders have defaulted on any of their banking obligations. |
We, the undersigned members of the founding committee, certify that all information provided in this application and its attachments is complete and accurate:
| Name: | Signature: | Date: |
|---|---|---|
| Name: | Signature: | Date: |
| Name: | Signature: | Date: |
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487
Email: info@pma.ps | Email: info@pma.ps