Regulatory Alerts2008-01-01
Circular No. 85: Reliance on PMA Instructions and Decisions
The Palestine Monetary Authority issued Circular No. 85 to address public complaints regarding banks' refusal to provide credit facilities, checkbooks, or account services while improperly citing PMA regulations as justification. The circular mandates all banks to adhere to strict professional and transparency standards, requiring them to openly communicate the genuine reasons for denying customer requests. Additionally, the PMA commits to actively monitoring these complaints and enforcing appropriate regulatory measures in accordance with established procedures.
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