Regulatory Alerts2007-01-01
Circular No. 160: Credit Bureau Instructions
The Palestine Monetary Authority issued Circular No. 160 mandating all Palestinian banks to fully comply with standardized Credit Bureau instructions for collecting, verifying, and reporting comprehensive borrower and guarantor data. The directive establishes strict disclosure timelines, requiring financial data submission within five working days and new borrower personal data within three working days of loan origination, while specifying exact data fields and coding systems for resident individuals, non-residents, and corporate entities. Non-compliance or data inaccuracies will trigger regulatory penalties, including financial fines or temporary suspension of credit bureau access, to ensure data integrity and support national economic development through reduced credit risk.