RegAlert2009-12-24
Added · Updated
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these measures immediately upon issuance to ensure full compliance, with conflicting prior instructions explicitly repealed.
PMA published 1 document in the last 30 days — get each new one by email the day it lands.
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 Any previous instructions that conflict with these instructions are hereby repealed to the extent of such conflict.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
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Lineage: Superseded
Timeline
Amended 2 times · last 2021-10-11
Similar documents from other regulators
BNANotice No. 10/2016 on the Opening, Operation, and Closure of Bank Deposit AccountsAngola · 2016-09-05
NBTInstruction No. 171 on the Procedure for Opening, Re-registering, and Closing Bank Accounts by Credit Financial Organizations in the Republic of TajikistanTajikistan · 2022-10-07
BCTLBCTL Instruction No. 27 / 2024 On The Opening, Handling and Closing of Deposit Accounts and Duties of InformationTimor-Leste · 2025-04-29
NBKRInstruction on the Operation of Bank Accounts and Bank Deposit AccountsKyrgyzstan · 2012-10-31
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