Regulatory Alerts2023-01-01
Instructions No. (1) of 2023 on the E-Money Guarantee Account
The Palestine Monetary Authority issued Instructions No. (1) of 2023 to establish comprehensive regulatory requirements for the E-Money Guarantee Account held by licensed payment service companies. The Instructions mandate that all e-money user funds be deposited into a dedicated account, maintain sufficient balances to cover outstanding liabilities, and remain legally exempt from enforcement actions or bankruptcy proceedings against the issuing company. Furthermore, they require strict financial reporting, segregation of funds under International Financial Reporting Standards, and grant companies a six-month window to fully align their legal status with these provisions.
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