Regulatory Alerts2021-01-01
Circular No. 161: Prohibition on Citing PMA Directives and Decisions as Excuses
The Palestine Monetary Authority issued Circular No. 161/2021 to mandate that all payment service companies and their staff strictly adhere to professional and transparent standards when interacting with customers. The directive explicitly prohibits these entities from citing PMA regulations or decisions as justification for refusing to establish business relationships or provide financial services. The Authority further warns that any violations will be met with strict and deterrent penalties.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (161/2021)
To all payment service companies operating in Palestine
Date: Sunday, 08 August 2021
Subject: Prohibition on Citing PMA Directives and Decisions as Excuses
Committed to protecting customer rights in accordance with the laws and regulations in force in the State of Palestine, we reiterate the necessity for payment service companies and their employees to adhere to the highest standards of professionalism and transparency when dealing with customers, and to refrain from citing PMA directives and decisions as excuses when refusing to establish business relationships with them and/or providing financial services on their behalf.
We also emphasize that the PMA will not tolerate and will take appropriate and deterrent penalties against violators.
Supervision Group
Palestine Monetary Authority
Note:
Contact information is provided below:
-
Ramallah and al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Phone: +970 2 2415251 -
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Phone: +970 8 2825713