Regulatory Alerts2018-01-01
Circular No. 133: Credit Granted to Related Parties
The Palestine Monetary Authority requires all banks operating in Palestine to establish and obtain regulatory approval for dedicated employee lending systems or programs by September 30, 2018. After this deadline, the regulator will reject all applications for granting or renewing employee credit facilities classified as related-party transactions. The directive explicitly exempts senior leadership, including the General or Regional Manager, their deputies and assistants, and the Head of the Facilities Department, from these new approval restrictions.
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