Regulatory Alerts2019-01-01
Circular No. 88 Clarifications on Banking Account System Guidelines
The Palestine Monetary Authority issued Circular No. 88/2019 to provide clarifications on the banking account system guidelines outlined in Circular No. 29/2019. The circular mandates specific data entry protocols for dormant accounts, residency declarations, income sources, and legal entity structures, while standardizing mandatory fields, codes, and update timelines across all banking files. Banks are required to implement these clarified requirements and complete the necessary system inspections and data preparations strictly according to the established schedule.
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