Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Instructions No. (39) of 2020

Concerning Specialized Professional Certifications

Based on the provisions of Decree-Law No. (9) of 2010 Concerning Banks, particularly Article (28) thereof, and after reviewing Instructions No. (03) of 2019 Concerning Specialized Professional Certifications, and in accordance with the powers delegated to us, and in pursuit of the public interest, we have issued the following Instructions:

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(1) Article

Scope of Application

The provisions of these Instructions shall apply to all banks licensed by the Palestine Monetary Authority in the course of banking operations in Palestine.

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(2) Article

Definitions

Original Instructions: Instructions No. (03) of 2019 Concerning Specialized Professional Certifications.

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(3) Article

The time period granted to banks for obtaining specialized professional certifications for senior officials in the positions listed in the Specialized Professional Certifications Appendix within the Original Instructions is extended until the end of 2021, provided that these positions shall be occupied by officials holding the relevant specialized professional certifications as of the beginning of 2022.

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(4) Article

Repeal

All provisions conflicting with the terms of these Instructions are hereby repealed.

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(5) Article

Implementation and Enforcement

All relevant authorities shall implement the provisions of these Instructions according to their respective jurisdictions, and these Instructions shall apply from the date of their issuance.

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Issued in Ramallah on 13/10/2020

Financial Stability Group Palestine Monetary Authority

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Note: The text above is a printed copy of an official document issued by the Palestine Monetary Authority, detailing the instructions regarding specialized professional certifications for banks. The document includes articles concerning the scope of application, definitions, extension of the time period, repeal, and implementation and enforcement, with signatures from the Financial Stability Group and contact details at the bottom of the page.

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Contact Information:

Ramallah & Al-Bireh - Ramallah & Al-Bireh Governorate Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 info@pma.ps | Fax: +970 2 2415310 | Fax: +970 2 2415251 | Tel: +970 2 2415251

Gaza Gaza - Palestine P.O. Box 4026 Fax: +970 8 2844487 | Fax: +970 8 2825713 | Tel: +970 8 2825713

Website: www.pma.ps