Regulatory Alerts2023-01-01
Circular No. 128 (2023) - Data on Locally Executed Prepaid Card Transactions
The Palestine Monetary Authority issued Circular No. 128 (2023) to prohibit electronic payment service companies from directing, sharing, or providing data on locally executed prepaid card transactions to third parties, including payment service providers and operators. This restriction applies unless the data sharing is strictly necessary for service execution or governed by formal arrangements between the Authority and the relevant providers or operators. The directive mandates strict compliance with these data-sharing limitations to ensure regulatory oversight and operational clarity within Palestine's payment ecosystem.
[Logo of the Palestine Monetary Authority]
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (128 / 2023) To all payment service companies operating in Palestine Date: Monday, June 12, 2023
Subject: Data on Locally Executed Prepaid Card Transactions
Based on the provisions of the Banks Law and the National Payments Law, and the regulations issued thereunder, the Palestine Monetary Authority confirms the prohibition against electronic payment service companies directing, sharing, or providing data on locally executed prepaid card transactions to any third party, including electronic payment service providers and operators, unless such action is necessary for the purposes of service execution and/or pursuant to arrangements between the Palestine Monetary Authority and the providers or operators.
Supervisory Group Palestine Monetary Authority