Regulatory Alerts2018-01-01
Appendix No. 1 Regarding Application for Approval of Payment Services Company License
The Palestine Monetary Authority requires applicants for a payment services company license to submit a comprehensive application package detailing founder profiles, corporate governance structures, and operational frameworks. The submission mandates eight specific attachments, including a five-year strategic business plan, a three-year economic feasibility study, internal policies, and sworn declarations confirming the founders' clean criminal records and sound financial standing. This standardized documentation ensures regulatory compliance and verifies that all prospective licensees meet strict legal, financial, and operational criteria before approval.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Appendix No. (1)
Application for Approval of Payment Services Company License
| Date: | / / |
Applicant Information
| Proposed Company Name | |
|---|---|
| Legal Form of the Company | |
| Paid-up Capital | |
| Full Company Address | |
| Phone Number | |
| Mobile Number | |
| Email Address |
Required Documents and Data to Attach
| 1 | List of founders' names, nationalities, places of residence, and curricula vitae, including qualifications, experience, and supporting documents. |
| 2 | Draft memorandum of association and internal regulations of the company, ensuring the memorandum specifies the company's objectives. |
| 3 | Written explanatory statement on the type of payment service, its objectives, a description of its operational mechanisms, support for subscribers and beneficiaries, planned distribution locations, and any other explanatory materials requested by the Authority. |
| 4 | Economic feasibility study, estimated budgets, and potential company partners for the first three years of operation, based on realistic estimates. |
| 5 | Draft strategic business plan for the company for the next five years. |
| 6 | Certificate of non-criminal record for each founder issued by the competent authorities in Palestine. |
| 7 | Description of the policies and procedures to be used |
| 8 | Written letter from the founders certifying the following: <br> A- That none of the founders has been declared bankrupt or unable to pay debts without having their reputation restored. <br> B- That none of the founders has been convicted by a competent court with a final judgment for crimes of theft, fraud, embezzlement, forgery, defamation, bribery, breach of trust, crimes against honor, integrity, or public morals, or any money laundering crimes. <br> C- Sound credit performance, including that none of the founders has defaulted on any of their banking obligations. |
We, the undersigned, members of the founding committee, certify that all information provided in this application and its attachments is complete and accurate:
| Name: | Signature: | Date: |
|---|---|---|
| Name: | Signature: | Date: |
| Name: | Signature: | Date: |
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Email: info@pma.ps
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Email: info@pma.ps
Ramallah - Palestine PO. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Email: info@pma.ps
Gaza - Palestine PO Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Email: info@pma.ps