Regulatory Alerts2021-01-01
Circular No. 161/2021: Payment - Reliance on Palestine Monetary Authority Instructions and Decisions
The Palestine Monetary Authority issued Circular No. 161/2021 to mandate that all payment service companies and their personnel maintain the highest standards of professionalism and transparency when interacting with clients. The directive explicitly prohibits these entities from invoking the Authority's instructions or decisions as a justification for refusing to establish business relationships or deliver financial services. The Authority further warns that it will impose strict and deterrent penalties on any violators to ensure full compliance with Palestinian consumer protection laws.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (161/2021)
To all payment service companies operating in Palestine
Date: Sunday, 08 August 2021
Subject: Reliance on Palestine Monetary Authority Instructions and Decisions
With the Palestine Monetary Authority's commitment to protecting customer rights in accordance with the laws and regulations in force in the State of Palestine, we reiterate the necessity for payment service companies and their employees to adhere to the highest standards of professionalism and transparency when dealing with customers, and to refrain from invoking the Authority's instructions and decisions as a justification for refusing to establish a business relationship with them and/or providing financial services on their behalf.
We also affirm that the Palestine Monetary Authority will not tolerate and will impose appropriate and deterrent penalties against violators.
Supervision Department
Palestine Monetary Authority
Note:
Contact information is provided below:
-
Ramallah & Al-Bireh Governorate - Palestine
P.O. Box 452, Palestine
info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251
Ramallah & Al-Bireh Governorate -
Gaza - Palestine
P.O. Box 4026, Palestine
Fax: +970 8 2844487 | Tel: +970 8 2825713
Gaza