Regulatory Alerts2021-01-01
Circular No. 162/2021: Money Changers - Prohibition on Citing PMA Instructions and Decisions as an Excuse
The Palestine Monetary Authority issued Circular No. 162/2021 to mandate that all licensed money changers and their staff must maintain the highest standards of professionalism and transparency when serving customers. The directive explicitly prohibits money changers from using the Authority's own instructions or regulatory decisions as an excuse to deny or delay financial services. The Authority further warns that any violations of this mandate will result in strict and deterrent penalties.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (162/2021)
To All Money Changers Operating in Palestine
Date: Sunday, August 08, 2021
Subject: Citing PMA Instructions and Decisions as an Excuse
In its commitment 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 money changers and their employees to adhere to the highest standards of professionalism and transparency when dealing with customers, and to refrain from citing the Authority's instructions and decisions as an excuse when providing financial services to them.
The Authority also emphasizes that it will not tolerate violations and will impose appropriate and deterrent penalties against offenders.
Supervision Department
Palestine Monetary Authority
Note:
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