Palestine Monetary Authority Circular No. 27 of 2024: Final Financial Statements for the Year 2024

All money changers operating in Palestine must submit audited final financial statements for 2024, including the external auditor's opinion report stamped by the auditor, financial position and income statements extracted from the Authority-approved accounting system and stamped by the changer, and a letter from the external auditor explaining discrepancies between the system reports and audited statements. The external auditor must also evaluate the effectiveness of internal controls regarding anti-money laundering and counter-terrorist financing. All submitted data and financial statements must be denominated in US dollars, and failure to comply by the March 31, 2025 deadline will result in necessary legal measures.

Palestine

Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (27 / 2024) To all money changers operating in Palestine Date: Tuesday, December 24, 2024

Subject: Final Financial Statements for the Year 2024

Based on Article No. (20) of Law No. (40) of 2022 concerning the licensing and supervision of the money changing profession and Instruction No. (3) of 2022 concerning the accounting system, reports, and financial statements, all money changers are requested to provide us with the following requirements, provided that a contract is made with an external auditor licensed by the Auditing Profession Council and holds a valid practicing permit issued by the Palestinian Association of Certified Public Accountants and registered in the list of practicing auditors issued by the Council:

The audited final financial statements for the year 2024, accompanied by the external auditor's opinion report, to be stamped with the auditor's stamp.
Report No. (1) "Statement of Financial Position" and Report No. (2) "Statement of Income" for the year 2024, extracted from the accounting system qualified by the Palestine Monetary Authority, to be stamped with the money changer's stamp.
A letter from the external auditor explaining the reasons for differences between the accounting system reports and the audited financial statements, in case there are differences.
The auditor must evaluate the effectiveness of internal controls and state their opinion regarding controls related to the anti-money laundering and counter-terrorist financing environment.

Please adhere to the above requirements by the deadline of 31/03/2025, provided that all submitted data and financial statements are denominated in US dollars; otherwise, necessary legal measures will be taken.

Note: Please adhere to providing the external auditor with a copy of this circular.

Supervision Group Palestine Monetary Authority

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