Regulatory Alerts2010-01-01
Circular No. 66: Unupdated Facility Data
The Palestine Monetary Authority issued Circular No. 66 to mandate strict compliance with credit reporting standards following widespread inaccuracies in how banks report settled facilities, file numbers, identification codes, and classifications. The circular requires banks to exercise precision when opening credit records, submit monthly settlement files only once by adjusting limits and balances while preserving other data, and maintain consistent facility file numbers throughout the disclosure period. Failure to adhere to these directives will directly distort borrower classification systems, prompting the regulator to enforce rigorous verification protocols across all banking users of the credit information system.
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