Regulatory Alerts2022-01-01
Instructions No. 3 of 2022 Regarding the Accounting System, Reports, and Financial Statements
The Palestine Monetary Authority issued Instructions No. 3 of 2022 to mandate licensed money changers to implement an approved accounting system, maintain precise transaction records, and submit periodic financial reports alongside audited annual statements. The regulations require money changers to contract with licensed external auditors, retain transaction data and system backups for at least ten years, and rectify their legal compliance within three months of issuance. Non-compliance will result in penalties under Decision No. 41 of 2016, while the previous 2012 accounting instructions are explicitly repealed.
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