RegAlert2020-08-27
Added · Updated
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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Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Instructions No. (29) of 2020
Regarding the Regulation of Money Changers Acting as Agents for Payment Service Providers
Based on the provisions of Decision No. (41) of 2016 Regarding the Licensing and Supervision System for the Money Changer Profession, and particularly Article (9) thereof, and in the public interest, and pursuant to the powers vested in us, we have issued the following Instructions:
Article (1)
Objective and Scope of Application
- These Instructions aim to regulate the work of money changers as agents for payment service providers.
- The provisions of these Instructions apply to all money changers licensed by the Palestine Monetary Authority.
Article (2)
Acting as an Agent for a Payment Service Provider
A money changer may act as an agent for a payment service provider subject to the following conditions:
- Being licensed as a company.
- Having an accounting software qualified to record transactions related to payment services.
- Complying with the provisions of the Instructions governing the relationship between payment service companies and agents.
- Notifying the Palestine Monetary Authority within a maximum period of (7) seven days from the date of linking the service with the payment service provider.
- The balance used by the money changer in payment services must not exceed 25% of its capital.
Article (3)
Penalties
Anyone who violates the provisions of these Instructions shall be penalized in accordance with the provisions of Decision No. (41) of 2016 Regarding the Licensing and Supervision System for the Money Changer Profession.
Article (4)
Implementation and Enforcement
All competent authorities shall, each within their respective jurisdiction, implement the provisions of these Instructions, and they shall apply from the date of their issuance.
Issued in Ramallah on 27/08/2020
Financial Stability Group
Palestine Monetary Authority
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 | Gaza - Palestine P.O. Box 4026 info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251 Fax: +970 8 2844487 | Tel: +970 8 2825713 www.pma.ps
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Lineage: In force
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Source: Palestine Monetary Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works