Regulatory Alerts2021-01-01
Circular No. 143: Centralization of Customer Basic Databases and Linkage to Reliable Sources
The Palestine Monetary Authority issued Circular No. 143/2021 mandating all Palestinian banks to integrate with the Ministry of Interior's Civil Registry to verify customer identity and basic data electronically. This directive requires banks to obtain explicit customer authorization, restrict system access to designated compliance and operational staff, and implement strict supervisory controls to prevent data misuse. Additionally, the circular establishes a three-shekel per-inquiry fee structure, waives customer surcharges, and mandates immediate written reporting of any employee permission misuse to the Authority's AML-CFT department.
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