Regulatory Alerts2020-01-01
Instructions No. 31 of 2020 Regarding the Handling of Customer Accounts
The Palestine Monetary Authority issued Instructions No. 31 of 2020 to prohibit licensed banks in Palestine from closing customer accounts, refusing to open new accounts, or transferring customer balances to intermediary accounts. These prohibitions apply subject to existing anti-money laundering and terrorist financing regulations, as well as prior banking secrecy and account management directives. The Instructions mandate immediate implementation by all relevant authorities effective from their issuance date on August 27, 2020.
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