Regulatory Alerts2012-01-01
Circular No. 94/2012: Citing PMA Instructions and Decisions as Excuse
The Palestine Monetary Authority issued Circular No. 94/2012 to address widespread citizen complaints regarding banks improperly citing PMA regulations as grounds for denying credit, checkbooks, accounts, or settlements. The directive mandates that all bank administrations strictly instruct their staff to fully comply with PMA rules, maintain professional and transparent customer dealings, and provide legitimate reasons for any rejected requests. Failure to adhere to these requirements will result in corrective enforcement actions, including the imposition of financial fines in accordance with the law.
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