Regulatory Alerts2023-01-01
Circular No. 243 Launching the SupTech Supervisory System
The Palestine Monetary Authority issued Circular No. 243/2023 to announce the official launch of its SupTech Supervisory System on November 27, 2023. Banks are required to designate up to four staff members to create portal accounts, submit regulatory data forms according to system-specified deadlines, and maintain parallel data submissions via existing mechanisms until further notice. The Authority will also conduct a dedicated workshop to address user inquiries and ensure a smooth transition to the automated supervisory platform.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (243/2023) To all banks operating in Palestine Date: Monday, November 20, 2023
Subject: Launching the SupTech Supervisory System
In the context of the SupTech Supervisory System project and the implemented procedures and arrangements, including circulars and workshops specifically for bank representatives aimed at system training and conducting User Acceptance Testing (Industry UAT) on the sandbox environment, and following follow-ups to ensure data readiness and provision on the system, we inform you that the system will go live on Monday, November 27, 2023. In this regard, we draw your attention to the following:
- The necessity to designate up to four employees to create accounts for them on the system-specific portal, noting that the system will send instant notifications to users via email.
- Completing data forms (Returns) according to the required preparation date and the due dates specified for each form on the system, with the necessity for users to promptly monitor notifications received regarding this via the system and email.
- Continuing to submit data according to the existing forms and mechanisms prior to the system launch as a parallel run period until further notice.
- Arrangements will be made to hold a workshop with users of the automated system to answer their inquiries regarding it.
Supervision Department Palestine Monetary Authority
www.pma.ps Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452 Postal Code: P6160675 | Phone: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps