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.
Palestine Monetary Authority PALESTINE MONETARY AUTHORITY
Circular No. (202 / 2022) To all banks operating in Palestine Date: Thursday, 08 September, 2022
Subject: Customer Data Update
In order to facilitate and streamline the customer data update process, and to enable banks to utilize available data from competent authorities for identifying and verifying customer data, we reiterate the necessity of strict compliance with the following:
- Update customer data according to risk classification timeframes, ensuring completion of data update conditions per the requirements of Directive No. (23) of 2021, and obtaining the Palestine Monetary Authority's prior written approval for this before the end of November 2022.
- Utilize the systems provided by the Palestine Monetary Authority to inquire about citizen identities in the Civil Registry and data for establishments and companies registered with the Ministry of National Economy, in accordance with the requirements of Circulars No. (2020/24) and No. (2021/143), and use the available databases (systems) for updates, thereby reducing the burden on citizens and companies.
- Consider the data available in the free inquiry response regarding establishment and company data as reliable and acceptable for periodic data updates without the need to obtain a new registration certificate, provided that no modifications have occurred to the registration data available at the bank.
Supervision Group Palestine Monetary Authority