Regulatory Alerts2022-01-01
Instructions No. 5 of 2022 Regarding the Handling of Customer Complaints
The Palestine Monetary Authority issued Instructions No. 5 of 2022 to mandate licensed exchange offices to establish transparent, non-discriminatory procedures for receiving, processing, and resolving customer complaints. The regulations require exchange offices to provide accessible complaint channels, issue acknowledgment receipts, respond in writing within ten working days, and assign compliance officers to oversee the process. Additionally, licensed entities must submit quarterly compliance reports to the Authority and are subject to penalties under Decision No. 41 of 2016 for non-compliance, while explicitly exempting judicial and labor-related disputes.
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