Regulatory Alerts2006-01-01
Circular No. 57: Providing Data to Any Entity Other Than the Monetary Authority
The Palestinian Monetary Authority issued Circular No. 57 to explicitly reaffirm that it is the sole authorized entity for communicating with banks and accessing their operational and customer data. The circular mandates that all banks strictly prohibit the disclosure of any statistical, aggregated, customer, account, debt, or personal information to third parties, except for data properly published in media or online channels. Any unauthorized data sharing or third-party access is legally prohibited under Article 43 of Banking Law No. 2 of 2002, with exceptions permitted only upon explicit written customer consent or a valid court order.
Palestine Monetary Authority
Palestinian Monetary Authority
Circular No. (57)
To all banks operating in Palestine Date: Monday, March 27, 2006
Subject: Providing Data to Any Entity Other Than the Monetary Authority
We emphasize that the Monetary Authority is the sole entity authorized to communicate with banks and access their data and customer data, in accordance with its statutory powers. In this context, we refer to Article 43 of Banking Law No. (2) of 2002, which prohibits any bank, under legal liability, from providing any information or data, whether statistical or aggregated, except for what is properly published in newspapers and on websites, or data concerning customers, their accounts, debts, or personal information, to any entity whatsoever, or allowing third parties to access it, unless such access is granted with the customer's written consent or pursuant to a court order.
Banking Supervision Department
Palestinian Monetary Authority
Ramallah - Al Bireh P.O. Box 452, Tel: 02 240 9920, Fax: 02 240 9922
Gaza P.O. Box 4026, Tel: 08 282 5713, Fax: 08 2844487
E-mail: info@pma.gov.ps
www.pma-palestine.org
Ramallah - Al Bireh P.O. Box 452, Tel: 02 240 9920, Fax: 02 240 9922
Gaza P.O. Box 4026, Tel: 08 282 5713, Fax: 08 2844487