Regulatory Alerts2020-01-01
Instructions No. (29) of 2020 Regarding the Regulation of Money Changers Acting as Agents for Payment Service Providers
The Palestine Monetary Authority issued Instructions No. 29 of 2020 to regulate money changers operating as agents for payment service providers. The directive mandates that licensed corporate money changers must utilize qualified accounting software, maintain payment service balances at or below 25% of their capital, and notify the regulator within seven days of establishing service links. Non-compliance with these operational requirements subjects entities to penalties under the existing 2016 Money Changer Licensing and Supervision Decision.
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