Regulatory Alerts2022-01-01
Circular No. 185-2022 National Payments Law
Issued by the President of the State of Palestine and enforced by the Palestinian Monetary Authority, Law Decree No. 41 of 2022 establishes the comprehensive legal framework for Palestine's national payments system, mandating licensing for payments services, financial technology companies, and virtual asset service providers. The decree standardizes electronic transactions, digital financial identity, and direct debit mechanisms while granting the central bank exclusive supervisory authority over clearing, settlement, and collateral management. It imposes strict compliance requirements, including mandatory electronic money guarantee accounts, anti-money laundering obligations, and escalating financial penalties or imprisonment for unlicensed operations or regulatory breaches.