Regulatory Alerts2022-01-01
Circular No. 94/2022: Linking and Inquiring about Natural Customer Identity on the Civil Registry
The Palestine Monetary Authority mandates all specialized lending institutions operating in Palestine to immediately implement an electronic inquiry system linking to the Palestinian Ministry of Interior's Civil Registry for verifying natural customer identities. Institutions must obtain explicit customer authorization, restrict system access to authorized credit, compliance, and AML/CFT personnel, and maintain strict oversight to prevent data misuse. Additionally, lenders are required to pay a standardized inquiry fee of one to three shekels per transaction, report any suspected fraud or invalid ID inquiries to the PMA's AML/CFT department, and are strictly prohibited from passing these costs to customers.
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