Regulatory Alerts2016-01-01
Circular No. 70: Bank Accounts of Professional Syndicates
The Palestine Monetary Authority issued Circular No. 70 to direct all banks operating in Palestine to exempt specific professional syndicates from the banking account requirements mandated by Circular No. 2016/63. At the request of the Ministry of Labor, this exemption applies to syndicates governed by independent legislation and operating outside the Ministry's regulatory oversight, specifically the Engineers, Doctors, Dentists, Pharmacists, Agricultural Engineers, and Veterinarians syndicates. Financial institutions must immediately apply these exemptions using the previously established operational mechanisms approved by the central bank.
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