Regulatory Alerts2019-01-01
Circular No. 209 Preparation for Launching the Banking Accounts KYC Data Base System
The Palestine Monetary Authority issued Circular No. 209 mandating all Palestinian banks to prepare for and comply with the official launch of the Banking Accounts KYC Data Base system. The circular requires banks to submit comprehensive demographic and account data files by specific cut-off dates, implement daily reporting protocols for new or modified accounts, and establish internal user permissions and error-handling procedures. Upon completion of the prescribed timeline and data uploads, the system will be officially activated on September 29, 2019, to standardize Know Your Customer practices and enhance operational risk management across the banking sector.
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