Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

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Circular No. (11/2018)

To all banks operating in Palestine

Date: Wednesday, January 31, 2018

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Subject: Banking Secrecy Provisions

Based on the provisions of Article (32) of Law Decree No. (9) of 2010 concerning Banks regarding secrecy requirements, we emphasize the necessity for current and former bank board members, senior officials, employees, auditors, consultants, and external contractors in banks to maintain the confidentiality of customer-related information and documents that come to them in the course of performing their duties. None of them are permitted to disclose any of this information or allow unauthorized third parties outside the bank to access it. This prohibition applies to anyone who gains access to such data and information directly or indirectly by virtue of their profession, position, or employment, except in the exceptional cases stipulated in the same Article, and prohibits using them in any manner contrary to relevant laws, particularly when transitioning to work at other banks or institutions. Compliance with proper work procedures and relevant professional standards is also required.

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Supervision and Inspection Department

Palestine Monetary Authority

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www.pma.ps

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Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Email: info@pma.ps

Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Email: info@pma.ps