Regulatory Alerts2019-01-01
Circular No. 29: Preparation Guidelines for Developing the Banking Accounts System
The Palestine Monetary Authority issued Circular No. 29/2019 mandating all Palestinian banks to develop and prepare their internal systems to generate standardized demographic and account data files. The directive requires banks to implement specific TXT file structures with semicolon delimiters to report individual and legal entity demographic data, banking account types, collection check modifications, and customer updates, while explicitly excluding account balances from disclosures. Compliance is enforced through a phased timeline culminating in an official system launch in August 2019, aimed at streamlining operations, strengthening KYC protocols, and mitigating operational, credit, and AML/CFT risks.
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