Regulatory Alerts2021-01-01
Instructions No. 7 Regarding the Regulation of the Relationship Between Payment Service Companies and Users
The Palestine Monetary Authority issued Instructions No. 7 of 2021 to regulate the relationship between licensed payment service companies and their users, mandating secure, transparent contractual frameworks and strict data protection standards. The directive requires service providers to establish 24/7 reporting channels, standardized complaint resolution timelines, and clear fee disclosure policies, while imposing strict procedures for freezing dormant accounts, managing deceased users' estates, and transferring unclaimed balances to the Authority after specified periods. Furthermore, it repeals previous 2020 instructions and mandates quarterly reporting to the regulator to ensure ongoing compliance and consumer protection across all licensed payment service operations.