Regulatory Alerts2021-01-01
Circular No. 128: Authorization for Electronic Customer Inquiry
The Palestine Monetary Authority has authorized banks to obtain customer consent for data inquiries electronically rather than via direct written approval, supporting its fintech development strategy. Banks must implement verification systems that cross-reference customer ID and mobile numbers with PMA databases, use OTP-SMS consent as legally binding written approval, and restrict all data exchange strictly between the institution and the regulator. Each bank bears full liability for the accuracy of submitted customer information and must obtain prior regulatory approval before deploying the service.
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