Regulatory Alerts2021-01-01
Instruction No. 20 of 2021 Regarding Data Confidentiality
The Palestine Monetary Authority issued Instruction No. 20 of 2021 to mandate strict data confidentiality protocols for all licensed Palestinian banks. The regulation requires institutions to implement comprehensive data protection policies, secure systems, and strict internal controls, while prohibiting unauthorized disclosure or misuse of customer information except with written consent, judicial rulings, or specific legal mandates. Additionally, it compels banks to immediately report data breaches and unauthorized disclosures to the Authority and submit monthly compliance reports, subjecting violators to administrative and legal penalties under existing banking and anti-money laundering laws.
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