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2019-01-01

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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Palestine Monetary Authority

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Palestine Monetary Authority

PALESTINE MONETARY AUTHORITY

Circular No. (159/2019)
To all banks operating in Palestine
Date: Wednesday, June 26, 2019

Subject: Results of the Meeting on the New Regulatory Reporting System Development Project

Further to the meeting held at the PMA headquarters in Ramallah on Wednesday, June 19, 2019, with Chief Financial Officers and IT Directors of banks, regarding the development of the technical specifications for the new Financial Regulatory Reporting System (FRRS) to be implemented by the PMA, aimed at improving the mechanisms for receiving and processing regulatory requirements, including financial and statistical data, to ensure their timely receipt and accuracy, and since the system project, its objectives, benefits, and related issues and requirements were presented and discussed during the aforementioned meeting, we wish to emphasize the following:

  1. One of the most prominent benefits of implementing the system is alleviating the burdens on both banks and the PMA, particularly those related to the time and effort required to prepare and review regulatory reports submitted to the Supervision and Inspection Department.

  2. The responsibility for preparing and ensuring the fair presentation of all financial and statistical data remains with the bank at all times, including the accuracy and correctness of data related to its operations and updating it, which necessitates providing an effective and quantitative system to meet all related requirements.

  3. The necessity of bank management's commitment and allocation of necessary resources to ensure their compliance in fulfilling their role in successfully implementing the aforementioned system, including requirements related to banking automation.

  4. The PMA will form a working team with bank participation to investigate and address all common issues in this regard as soon as possible.

  5. Keeping banks informed of all stages of the system's development.

Supervision and Inspection Department
Palestine Monetary Authority

www.pma.ps

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 | Fax | Tel: +970 2 2415251 | Tel

Gaza - Palestine P.O. Box 4026
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Fax | Tel: +970 8 2825712 | Tel

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