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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (11/2018)
To all banks operating in Palestine
Date: Wednesday, January 31, 2018
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.
Supervision and Inspection Department
Palestine Monetary Authority
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