Regulatory Alerts2017-01-01
Circular No. 253: Mechanism for Correspondence with the Palestine Monetary Authority and Authorized Signatories
The Palestine Monetary Authority issued Circular No. 253 to standardize official correspondence protocols between the regulator and licensed banks. The directive mandates that communications to the Governor or Deputy Governor must originate from the Board Chairman or General/Regional Manager, while correspondence to the Assistant Governor requires dual signatures including at least one Category (A) signatory. Additionally, the circular prohibits branch-level submissions, requires annual submission of authorized signature lists with prompt change notifications, and mandates that electronic communications be supplemented by physical mail, thereby repealing the previous 2007 directive.
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