Regulatory Alerts2023-01-01
Palestine Monetary Authority Instructions No. 5 of 2023 Regarding Market Discipline and Protection of Customer Rights
The Palestine Monetary Authority issued Instructions No. 5 of 2023 to enforce market discipline and protect customer rights by regulating banking practices, credit granting, and transparency standards. The regulations impose strict limits on debt-to-income ratios, mandate clear disclosure of annual borrowing costs, and prohibit unfair practices such as excessive collateral requirements and hidden fees. Furthermore, the instructions establish comprehensive safeguards regarding data privacy, anti-fraud measures, and ethical conduct to ensure financial stability and consumer trust.
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