Regulatory Alerts2007-01-01
Circular No. 138: Banking Transactions
The Palestine Monetary Authority issued Circular No. 138 to prohibit all Palestinian banks from providing external parties with stamps bearing the institution's name or logo. This mandate aims to prevent the facilitation of off-site transactions that contravene established banking standards and to minimize associated operational risks. Banks must immediately cease issuing such branded stamps to third parties to ensure full regulatory compliance.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. 138 (2007/138)
To all banks operating in Palestine
Date: Tuesday, September 18, 2007
Subject: Banking Transactions
With a view to ensuring the integrity of all banking transaction procedures and minimizing the risks that may arise therefrom, all banks are prohibited from issuing any stamps bearing the bank's name or logo to any external party they deal with, for the purpose of facilitating certain transactions concerning such parties outside the bank in a manner contrary to banking standards and practices.
Dr. Marwa Rafat Al-Ajarf General Manager Palestine Monetary Authority
Ramallah - Al Bireh P.O.Box 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487 E-mail: info@pma.ps www.pma.ps
Ramallah - Al Bireh P.O. Box: 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box: 4026 - Tel.: 08-2825713 - Fax: 08-2844487