Regulatory Alerts2021-01-01
Circular No. 160/2021: Citing PMA Instructions and Decisions
The Palestine Monetary Authority issued Circular No. 160/2021 to mandate that all specialized lending institutions and their staff strictly adhere to professional and transparent standards when interacting with customers. The directive explicitly prohibits lending institutions from citing PMA instructions or decisions as justification for refusing to establish business relationships or provide financial services. The regulator further warned that it will enforce appropriate and deterrent penalties against any institution or employee found violating this requirement.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (160/2021)
To all specialized lending institutions operating in Palestine
Date: Sunday, August 08, 2021
Subject: Citing PMA Instructions and Decisions
Committed to protecting customer rights in accordance with the laws and regulations in force in the State of Palestine, the Palestine Monetary Authority reiterates the necessity for lending institutions and their employees to adhere to the highest standards of professionalism and transparency when dealing with customers, and to refrain from citing PMA instructions and decisions as grounds for refusing to establish a business relationship with them and/or providing financial services to them.
We further emphasize that the PMA will not hesitate to impose appropriate and deterrent penalties on violators.
Supervision Group
Palestine Monetary Authority
Note:
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