Regulatory Alerts2019-01-01
Circular No. 87: Solicitation of Bank Customers
The Palestine Monetary Authority issued Circular No. 87/2019 to prohibit bank employees from soliciting customers from other financial institutions they previously served. This directive mandates all licensed banks to immediately instruct their staff to cease such practices, thereby upholding sound banking standards, ensuring fair competition, and safeguarding customer data confidentiality. Compliance is strictly required to maintain public trust and integrity within the Palestinian banking sector.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (87/2019)
To all banks operating in Palestine
Date: Thursday, April 04, 2019
Subject: Solicitation of Bank Customers
In light of complaints received regarding employees of certain banks attempting to solicit customers of other banks they previously worked for, which violates sound banking practices and fair competition, and with the aim of preserving the confidentiality of customer data and information within a secure and sound banking environment, and to achieve fair competition among banking service providers to enhance public trust in this sector, bank management is hereby requested to disseminate this directive to all employees to cease such practices wherever they may occur.
Market Supervision Department
Palestine Monetary Authority
Note:
Ramallah and Al-Bireh - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Tel: +970 8 2825713
www.pma.ps