Regulatory Alerts2021-01-01
Circular No. 162: Prohibition of Citing PMA Instructions and Decisions as an Excuse
The Palestine Monetary Authority issued Circular No. 162/2021 to explicitly prohibit money changers and their staff from citing the regulator's instructions or decisions as an excuse for service failures or customer complaints. The directive mandates strict adherence to the highest standards of professionalism and transparency in all financial transactions conducted within Palestine. It further warns that the Authority will enforce appropriate and deterrent penalties against any money changer found violating these operational requirements.
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
With the Palestine Monetary Authority's commitment to protecting customer rights in accordance with the laws and regulations in force in the State of Palestine, we reiterate 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.
We also affirm that the Palestine Monetary Authority will not tolerate any violations and will impose appropriate and deterrent penalties against offenders.
Supervision Group
Palestine Monetary Authority
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Phone: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps
Gaza - Palestine P.O. Box 4026
Gaza - Palestine P.O. Box 4026
Phone: +970 8 2825713 | Fax: +970 8 2844487
www.pma.ps