Regulatory Alerts2016-01-01
Circular No. 199/2016 New Credit Reporting System
The Palestine Monetary Authority issued Circular No. 199/2016 to introduce a new credit reporting system designed to enhance market transparency and protect consumer rights by granting citizens access to their credit reports and the ability to dispute inaccuracies. The circular mandates participating banks to nominate a staff member within three working days to attend a specialized workshop and conduct a pilot test of the system prior to its official launch. This initiative aims to train selected personnel on system operations and ensure a smooth implementation phase.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (199/2016)
To all banks operating in Palestine
Date: Sunday, October 30, 2016
Subject: New Credit Reporting System
In line with the Palestine Monetary Authority's efforts to strengthen disclosure and transparency principles and protect the rights of banking service consumers, a new credit reporting system has been developed. This system will grant citizens the right to obtain a copy of their credit reports and dispute their data through the branches and offices of the banks with which they maintain accounts.
Regarding the pilot testing of the new system, we request that you nominate a suitable staff member from your relevant departments to participate in a dedicated workshop. This initiative aims to train selected employees on the system's operational procedures to conduct a trial prior to its official launch. Please note that a training schedule for the participants in this trial will be announced at a later date. Accordingly, please provide us with the name of a proposed employee to execute the aforementioned trial within three working days from the date of this circular.
Market Discipline Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 | Fax: +970 2 2409922 | Tel: +970 2 2415250 | P.O. Box 452 Ramallah - Palestine
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Fax: +970 8 2844487 | Tel: +970 8 2825292 | P.O. Box 4026 Gaza - Palestine
Email: info@pma.ps | Email: info@pma.ps