Regulatory Alerts2022-01-01
Circular No. 202 Customer Data Update
The Palestine Monetary Authority requires all banks operating in Palestine to update customer data according to risk classification schedules and obtain prior written approval by November 2022. Institutions must utilize official government registries and the Authority's digital systems to verify citizen and corporate identities, accepting free database inquiries as reliable for periodic updates without requiring new registration certificates. This directive streamlines compliance, reduces administrative burdens on citizens and businesses, and ensures accurate customer data through automated cross-referencing with competent authorities.
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