Palestine Monetary Authority

Palestine Monetary Authority

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Circular No. (136/2007)

To all banks operating in Palestine

Date: Thursday, 13 September 2007

Based on Articles 38 and 54 of the Banks Law of 2002, and with the Palestine Monetary Authority's commitment to ensuring the banking sector adheres to the highest degrees of transparency in customer relations, and in compliance with best practices in banking operations, all banks are required to comply with the following:

1. Customers must not sign blank contracts or blank pages ("signing in blank").
2. Providing customers with copies of all contracts signed with them, particularly direct and indirect facility agreements.
3. All banks must adhere to the above, noting that the Palestine Monetary Authority will monitor compliance, and that a financial penalty of five thousand US dollars will be imposed on non-compliant banks.

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Dr. Nihad Al-Masrif
Palestine Monetary Authority

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Ramallah - Al Bireh P.O. Box 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487 E-mail: info@pma.ps Ramallah - Al Bireh P.O. Box 452 - Tel.: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box 4026 - Tel.: 08-2825713 - Fax: 08-2844487 www.pma.ps