Regulatory Alerts2022-01-01
Palestine Monetary Authority Instructions No. 6 of 2022 Concerning Money Transmittals
The Palestine Monetary Authority issued Instructions No. 6 of 2022 to regulate money transfer operations by licensed exchange companies, establishing strict capital, security deposit, and compliance requirements. The regulations define specific daily transaction ceilings for internal, external, and rapid transfers while mandating rigorous anti-money laundering controls, enhanced due diligence, and transparent fee disclosures. Furthermore, the instructions outline operational procedures, prohibited activities, and settlement mechanisms, explicitly repealing previous directives to ensure a unified regulatory framework.
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