Regulatory Alerts2025-01-01
Palestine Monetary Authority Circular No. 108: Bank Accounts of Sports Clubs
The Palestine Monetary Authority issued Circular No. 108 to regulate the establishment and management of bank accounts for sports clubs in Palestine. The directive mandates that all sports clubs must open and maintain their financial accounts exclusively with licensed financial institutions under the Authority's supervision. This regulation aims to ensure transparency, proper financial governance, and compliance with anti-money laundering standards within the sports sector.
PALESTINE MONETARY AUTHORITY
Circular No. 108 Bank Accounts of Sports Clubs
Date: 02 July 2025
To: All Licensed Financial Institutions
Subject: Bank Accounts of Sports Clubs
Reference is made to the provisions of the Monetary, Banking and Financial Institutions Law No. (29) of 2016, and its amendments, and in implementation of the Authority's mandate to supervise and regulate financial institutions and financial activities.
The Authority has decided to issue the following instructions regarding the opening and maintenance of bank accounts for sports clubs:
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All sports clubs, whether professional or amateur, must open their bank accounts with licensed financial institutions operating in Palestine.
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Licensed financial institutions are required to verify the legal status of the sports club, including its registration with the relevant Palestinian sports authorities, before opening any account.
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Financial institutions must apply enhanced due diligence measures when dealing with sports clubs to ensure compliance with anti-money laundering and counter-terrorist financing regulations.
This circular takes effect from the date of issuance.
Palestine Monetary Authority Governor