Regulatory Alerts2018-01-01
Circular No. 11: Banking Secrecy Provisions
The Palestine Monetary Authority issued Circular No. 11/2018 to mandate strict confidentiality obligations for current and former bank board members, senior officials, employees, auditors, consultants, and external contractors. The circular prohibits the disclosure or unauthorized access to customer information and documents obtained through professional duties, except under the exceptional circumstances explicitly defined in Article 32 of Law Decree No. 9 of 2010. It further forbids the misuse of such data in violation of applicable laws, particularly during employment transitions, and requires adherence to established professional standards and proper work procedures.
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