Regulatory Alerts2016-01-01
Instructions No. 1 of 2016 Regarding the Processing of Public Complaints
The Palestine Monetary Authority issued Instructions No. 1 of 2016 to mandate standardized public complaint handling procedures for all licensed specialized lending institutions operating in Palestine. The regulations require institutions to assign complaint processing to internal audit or independent officers, maintain physical complaint boxes in all branches, provide stamped receipt copies to complainants, and issue written responses within ten working days. Additionally, institutions must establish written internal procedures, submit quarterly compliance reports to the Authority, and ensure complainants can escalate unresolved issues directly to the regulator.
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