Regulatory Alerts2022-01-01
Circular No. 120 Prize Draw Committee
The Palestine Monetary Authority requires all banks operating in Palestine to include a representative from a supervisory function as a member of their prize draw committees. This mandate aims to enhance transparency in cash and in-kind prize campaigns conducted by banks under their licensed operations. The committee's composition and operational scope must be formally approved in accordance with established regulatory procedures.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (120 / 2022) To all banks operating in Palestine Date: Wednesday, June 01, 2022
Subject: Prize Draw Committee
With reference to Circular No. (2022/60) dated 2022/03/10 regarding prize campaigns, and in order to enhance transparency in cash and in-kind prize draw operations conducted by banks in accordance with their granted licenses, the Palestine Monetary Authority emphasizes the necessity of including a representative from one of the supervisory functions as a member of the Prize Draw Committee, with the committee's composition and scope of work to be approved in accordance with established procedures.
Supervisory Group Palestine Monetary Authority