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2017-01-01

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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Palestine Monetary Authority

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Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (2017/253) To all banks operating in Palestine Date: Monday, December 11, 2017

Subject: Mechanism for Correspondence with the Palestine Monetary Authority and Authorized Signatories

In order to regulate and standardize the correspondence mechanism between the Palestine Monetary Authority and banks, all banks are required to comply with the following:

  1. Messages addressed to the Governor or Deputy Governor of the Palestine Monetary Authority must originate from the Chairman of the Board of Directors or the General/Regional Manager.
  2. Correspondence addressed to the Assistant Governor and various departments of the Palestine Monetary Authority must originate from the General/Regional Manager or department managers at the General/Regional Administration, and must carry two signatures, with at least one belonging to Category (A).
  3. Correspondence issued by the Compliance Officer and related to the Compliance Department's operations must be signed by the Compliance Officer only.
  4. Sending any correspondence from branches to the Palestine Monetary Authority is prohibited, and such correspondence will not be processed.
  5. Provide the Palestine Monetary Authority annually with a comprehensive signature list containing the names and specimen signatures of approved members of the Board of Directors, General/Regional Administration officials, branch and office managers, and notify the Authority of any changes promptly.
  6. Supplement documents sent via electronic communication channels with ordinary mail.

Circular No. (2007/60) issued on 2007/04/03 is hereby repealed.

Supervision and Inspection Department Palestine Monetary Authority

Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | +970 2 2415310: Fax | +970 2 2415250: Phone | P.O. Box 452 Ramallah - Palestine Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | +970 8 2844487: Fax | +970 8 2825292: Phone | P.O. Box 4026 Gaza - Palestine Email: info@pma.ps | info@pma.ps: Email www.pma.ps

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