Regulatory Alerts2016-01-01
Circular No. 162: Invoking PMA Instructions and Decisions as Justification
The Palestine Monetary Authority issued Circular No. 162/2016 to prohibit banks from refusing credit facilities, checkbooks, account openings, or other services by citing PMA regulations as justification. The directive mandates that all banks instruct their staff to strictly adhere to professional and transparent standards, requiring them to provide customers with legitimate reasons for denying any service requests. Non-compliance will result in corrective measures and financial penalties under Banking Law No. 9 of 2010.
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