Regulatory Alerts2009-01-01
Instructions No. 8 of 2009 on the Opening and Closing of Accounts, Dormant Accounts, and Banking Secrecy
The Palestine Monetary Authority issued Instructions No. 8 of 2009 to establish comprehensive regulatory frameworks for the opening, updating, and closing of customer accounts, as well as the management of dormant and special accounts. The directive mandates strict adherence to banking secrecy standards, outlines procedures for handling incoming and pending remittances, and governs the rental of safe deposit boxes and the disposition of unclaimed contents. All banks operating in Palestine must implement these measures immediately upon issuance to ensure full compliance, with conflicting prior instructions explicitly repealed.
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