Regulatory Alerts2021-01-01
Circular No. 129 (2021): Electronic Authorization for Customer Inquiry
The Palestine Monetary Authority permits lending institutions to replace direct written consent with electronic authorization for customer data inquiries, contingent upon implementing specific verification and security protocols. Institutions must design systems that cross-reference customer identification and mobile numbers against PMA databases, require SMS-based one-time passwords for explicit consent, and strictly limit data exchange to internal application processing without disclosing PMA records to applicants. Each institution bears full liability for the accuracy of submitted customer data, must retain copies of electronic authorizations, and is required to secure prior PMA approval before launching the service.
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