Regulatory Alerts2007-01-01
Circular No. 136: Commitment to Maximum Transparency in Customer Relations
The Palestine Monetary Authority issued Circular No. 136/2007 to mandate maximum transparency in banking-customer relationships. The directive prohibits customers from signing blank contracts or pages and requires banks to provide copies of all executed agreements, including direct and indirect facilities. Non-compliance will be actively monitored and subject to a five thousand US dollar financial penalty per institution.
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