Regulatory Alerts2020-01-01
Instructions No. 30 of 2020 Regarding Key Officials at Specialized Lending Institutions
The Palestine Monetary Authority issued Instructions No. 30 of 2020 to regulate the appointment, duties, and oversight of key officials at licensed specialized lending institutions. The directives mandate prior written regulatory approval for hiring, transferring, or promoting key roles, establish strict eligibility criteria including residency and clean criminal records, and formally define responsibilities for the Customer Rights Protection Officer, AML/CFT Officer, and Shariah Supervisor. Additionally, the instructions enforce rigorous disciplinary reporting, prohibit unapproved role consolidation, and repeal previous conflicting governance guidelines to ensure compliance with Palestinian financial laws.
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