Regulatory Alerts2021-01-01
Circular No. 159: Citing PMA Instructions and Decisions
The Palestine Monetary Authority issued Circular No. 2021/159 to mandate that all operating banks and their staff strictly adhere to professional and transparent standards when interacting with customers. The directive explicitly prohibits financial institutions from citing PMA instructions or decisions as justification for refusing to establish business relationships or provide banking and financial services. Furthermore, the regulator warns that it will enforce appropriate and deterrent penalties against any banks or employees found violating this requirement.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2021/159)
To all banks operating in Palestine
Date: Sunday, 08 August 2021
Subject: Citing PMA Instructions and Decisions
Further to PMA Instruction No. (31) of 2020 and Circulars No. (2008/85), No. (2012/44), and No. (2016/162), and in order to protect customer rights in accordance with the laws and regulations in force in the State of Palestine, we reiterate the necessity for banks and their employees to adhere to the highest standards of professionalism and transparency when dealing with customers, and to refrain from citing PMA instructions and decisions when refusing to establish a business relationship with them and/or providing banking and financial services on their behalf.
We also emphasize that the PMA will not tolerate and will take appropriate and deterrent penalties against violators.
Supervision Department
Palestine Monetary Authority
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