Regulatory Alerts2016-01-01
Circular No. 52: Developmental Items Implemented on the New Version of the Credit Information System
The Palestine Monetary Authority issued Circular No. 2016/52 to mandate all operating banks in Palestine to implement four specific updates to Version IV of the Credit Information System: modifications to the inquiry screen, credit record opening screens, the credit report, and the monthly facility file migration mechanism. Banks are required to disseminate these changes to relevant internal departments and adopt the updated procedures for data disclosure and exchange effective April 3, 2016. This directive operationalizes prior training guidelines and existing regulatory frameworks to standardize system updates and ensure consistent data handling across the banking sector.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2016/52) To all banks operating in Palestine Date: Tuesday, March 29, 2016
Subject: Developmental Updates Implemented on the New Version (Version IV) of the Credit Information System
Further to our previous circulars regarding training bank staff on the updated version of the Credit Information System, as well as defining the timeframes for launching the new version, and pursuant to Circular No. (2007/160) dated 2007/10/28 and Circular No. 2014/183 dated 2014/12/17 governing the Credit Information System, please find below the key developments implemented on the fourth version (Version IV) of the Credit Information System. The development process encompassed the following items:
- Modification of the inquiry screen
- Modification of the credit record opening screens
- Modification of the credit report
- Modification of the monthly facility file migration mechanism
Based on the foregoing, all banks are requested to disseminate this circular to the relevant departments and adopt the provisions stated herein for the purposes of disclosure and data exchange on the Credit Information System, effective as of April 3, 2016.
Public Relations and 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