Regulatory Alerts2023-01-01
Banking Fees and Commissions Instructions No. 4 of 2023
The Palestine Monetary Authority issued Instructions No. 4 of 2023 to standardize and cap the fees and commissions that licensed banks in Palestine may charge for banking services, products, transfers, cards, checks, and credit facilities. The regulations establish specific maximum rates for account management, cash transactions, electronic channels, and financial transfers while prohibiting duplicate charges on exempt accounts and mandating transparent public disclosure of fee schedules. Furthermore, the Instructions repeal previous related directives, grant exemptions for disabled and elderly clients, and set a June 1, 2023 implementation date with provisions for deferred application upon bank request.
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