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these measures immediately upon issuance to ensure full compliance, with conflicting prior instructions explicitly repealed.
Palestine Monetary Authority
Palestine Monetary Authority
Instructions No. (8/2009)
To all banks operating in Palestine
Date: Thursday, December 24, 2009
Subject: Opening and Closing of Accounts, Dormant Accounts, Banking Secrecy, Remittances, and Safe Deposit Boxes
Based on the provisions of Banking Law No. (2) of 2002, the following regulations are attached:
- (1/8) Instructions on the Opening, Updating, and Closing of Customer Accounts.
- (2/8) Instructions on Dormant and Special Accounts.
- (3/8) Instructions on Banking Secrecy.
- (4/8) Instructions on Incoming and Pending Remittances.
- (5/8) Instructions on the Rental of Safe Deposit Boxes and Unclaimed Contents.
The provisions of these instructions shall take effect from the date of their issuance. All banks are required to take the necessary measures to rectify their status and settle their affairs to ensure full compliance. Any previous instructions that conflict with these instructions are hereby repealed to the extent of such conflict.
Dr. Issam Riyad Doctor President Palestine Monetary Authority
Ramallah - Al Bireh P.O.Box 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487 E-mail: info@pma.ps www.pma.ps Ramallah - Al Bireh - P.O. Box: 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box: 4026 - Tel.: 08-2825713 - Fax: 08-2844487