Regulatory Alerts2025-07-02
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Palestine Monetary Authority Circular No. 108: Bank Accounts of Sports Clubs
The Palestine Monetary Authority directs banks to recognize the Supreme Council for Youth and Sports as the licensing authority for sports clubs and the Ministry of Interior as the entity authorized to register these clubs and issue letters of approval for their boards, financial committees, and authorized signatories. Banks are required to classify and register sports clubs with the Ministry of Interior as community bodies and update their internal procedures to reflect these designations.
PALESTINE MONETARY AUTHORITY
Circular No. (108 / 2025) To all banks operating in Palestine Date: Tuesday, 02 September, 2025
Subject: Bank Accounts of Sports Clubs
With reference to the correspondence received from the Ministry of Interior and the Supreme Council for Youth and Sports, understandings and arrangements have been made between the two parties regarding the regulation of registration and licensing of sports clubs, as follows:
- The Supreme Council for Youth and Sports is considered the licensing authority for sports clubs as a professional practice.
- The Ministry of Interior is considered the authorized entity to register sports clubs and issue letters of approval for the boards of directors of those clubs, as well as their financial committees and authorized signatories.
- Sports clubs are classified and registered with the Ministry of Interior as community bodies.
Accordingly, it is requested to take the necessary measures for implementation and to reflect this in work procedures.
Supervision Group Palestine Monetary Authority
Copy:
- To the respected Ministry of Interior.
- To the respected Supreme Council for Youth and Sports.