Regulatory Alerts2014-01-01
Circular No. 23: Requests for Credit Facilities Submitted to the Monetary Authority
The Palestine Monetary Authority issued Circular No. 23 to require all banks operating in Palestine to secure prior internal approval from their competent authorities before submitting credit facility requests to related parties, non-residents, or those involving credit concentration to the regulator. The directive mandates that banks strictly follow established internal authorization protocols to complete these applications prior to forwarding them for regulatory review. Consequently, the Monetary Authority will automatically reject and refuse to consider any applications submitted without this mandatory prior internal clearance.
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