Regulatory Alerts2021-01-01
Circular No. 156: Providing Borrowers and Guarantors with Copies of Documents Signed by Them
The Palestine Monetary Authority mandates that all banks operating in Palestine must provide borrowers and guarantors with an original or certified copy of all contracts and documents they sign. This directive responds to public complaints regarding bank branches withholding signed paperwork and reinforces compliance with the Authority's 2016 Responsible Lending instructions. Banks are required to formally document the handover of these documents regardless of pending litigation or signing dates, with legal action to be taken against non-compliant institutions.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (156/2021)
To all banks operating in Palestine
Date: Monday, August 02, 2021
Subject: Providing Borrowers and Guarantors with Copies of Documents Signed by Them
In light of receiving complaints from the public regarding some bank branches' refusal to provide them with an original or certified copy of contracts and documents signed by them, and in reference to our instructions No. (2016/02) dated 2016/03/20 regarding Responsible Lending, the Palestine Monetary Authority emphasizes the necessity for banks to fully comply with the requirements of the aforementioned instructions. Banks must provide customers with an original or certified copy of contracts and documents, regardless of whether there are pending legal disputes between the parties or whether the customer receives them on the date of signing. The handover of these documents must be formally documented and signed according to standard procedures; otherwise, appropriate legal measures will be taken in accordance with regulations.
Supervision Department
Palestine Monetary Authority
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Phone: +970 2 2415251 | Tel:
Gaza - Palestine P.O. Box 4026
Gaza - Palestine P.O. Box 4026