Regulatory Alerts2021-01-01
Circular No. 121 Credit Reporting System
The Palestine Monetary Authority issued Circular No. 121/2021 mandating that all banks operating in Palestine fully comply with Instructions No. 2017/03 regarding the mandatory provision of credit reports to customers. The directive responds to widespread customer complaints alleging that specific bank branches and offices are unlawfully withholding these documents. The regulator explicitly warns that any financial institution failing to adhere to these requirements will face immediate legal enforcement measures.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (121/2021)
To all banks operating in Palestine
Date: Tuesday, May 25, 2021
Subject: Credit Reporting System
In light of complaints received from bank customers regarding the refusal of several bank branches/offices to provide them with their credit reports in compliance with the requirements of Instructions No. (2017/03) concerning Credit Reporting, the Palestine Monetary Authority emphasizes the necessity of full compliance with the requirements of the aforementioned Instructions; otherwise, legal measures will be taken in accordance with due process.
Supervision Group
Palestine Monetary Authority
Note:
Ramallah and 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