Regulatory Alerts2021-01-01
Instructions No. (2) of 2021 Regarding the Amendment of Instructions No. (1) of 2018 Concerning the Licensing of Payment Service Companies
The Palestine Monetary Authority issued Instructions No. (2) of 2021 to amend the licensing framework for payment service companies in Palestine. The directive caps the shareholding of any bank or telecommunications company in payment service companies at 49% of their capital and mandates that all licensed entities rectify their compliance status by December 31, 2021. These amendments, approved by the PMA Board on April 29, 2021, immediately repeal conflicting provisions and become effective upon issuance.
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