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.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. (94/2012)
To All Banks Operating in Palestine
Date: Thursday, March 22, 2012
Subject: Citing PMA Instructions and Decisions as Excuse
Following our Circular No. (2008/85) dated 25/06/2008, and given the PMA's continued receipt of numerous complaints and inquiries from citizens regarding the denial of credit facilities, refusal to issue checkbooks, refusal to open accounts, or refusal to facilitate amicable settlements, with banks citing PMA instructions and regulations contrary to their actual provisions.
Given that the PMA's instructions are clear and aim to regulate the banking sector's operations and maintain its stability, including ensuring the rights of all parties, bank administrations are directed to disseminate this circular to their employees to strictly comply with the PMA's instructions with the highest degree of professionalism and transparency in their dealings with bank customers, and to provide them with the genuine reasons for not fulfilling any of their requests. Otherwise, appropriate corrective measures will be taken, including imposing financial fines in accordance with the law.
Public Relations and Market Discipline Department
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