Regulatory Alerts2022-01-01
Circular No. 311 Certification of Credit Reports
The Palestine Monetary Authority mandates that all banks operating in Palestine must properly stamp credit reports and returned checks issued from the credit reporting system directly at branch locations, in strict compliance with Article 4 of Circular No. (2017/03). This directive addresses the non-compliant practice of issuing unstamped documents, which previously forced customers to visit the Authority’s headquarters for official certification. The regulator explicitly warns that any bank failing to adhere to these stamping requirements will face immediate legal enforcement actions.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2022/311) To all banks operating in Palestine
Date: Thursday, December 15, 2022
Subject: Certification of Credit Reports
Following instances where certain bank branches have provided customers with credit reports / returned checks extracted from the credit reporting system without affixing the required official stamps, thereby forcing customers to visit the Authority’s headquarters to obtain stamped reports, which violates Article No. (4) of Circular No. (2017/03) dated February 2, 2017, regarding credit reports. Accordingly, all banks are directed to strictly comply with the provisions of the aforementioned circulars. Failure to do so will result in the Authority taking appropriate legal action against non-compliant banks.
Supervisory Group Palestine Monetary Authority
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 | info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251 Gaza - Palestine P.O. Box 4026 | Fax: +970 8 2844487 | Tel: +970 8 2825713 www.pma.ps