Regulatory Alerts2019-01-01
Circular No. 159: Results of the Meeting on the New Regulatory Reporting System Development Project
The Palestine Monetary Authority issued Circular No. 159/2019 to outline the outcomes of a June 19, 2019 meeting with bank executives regarding the upcoming Financial Regulatory Reporting System (FRRS). The circular mandates that banks retain full responsibility for the accuracy and fair presentation of all submitted financial and statistical data, while requiring them to allocate sufficient resources and commit to banking automation to support the new system's implementation. Additionally, the PMA will establish a joint working group with bank representatives to resolve shared technical and operational issues, and will maintain continuous communication with banks throughout all development phases.
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