Regulatory Alerts2023-01-01
Instructions No. 11 of 2023 Regarding Banking Accounts and Investment Services for Customers Outside Palestine
The Palestine Monetary Authority issued Instructions No. 11 of 2023 to preserve financial stability and protect depositors' funds by regulating banking accounts and investment services offered outside Palestine. The Instructions prohibit licensed banks from promoting or marketing foreign accounts, funds, commodity and metals trading, margin trading, or other foreign market investment services without prior written approval. Any violation of these provisions subjects the offending party to penalties under Legislative Decree No. 9 of 2010, with all conflicting regulations repealed and full enforcement mandated from the issuance date.
Share