Regulatory Alerts2019-01-01
Circular No. 2019/275 Accuracy of Data Declaration for the Banking Accounts System
The Palestine Monetary Authority issued Circular No. 2019/275 to mandate that all banks operating in Palestine accurately declare the nationality of resident customers as Palestinian (PS) in their submitted data files for the Banking Accounts System. This directive addresses observed reporting errors where non-Palestinian nationality codes were incorrectly applied to residents and requires strict compliance with previous circulars governing the system. Failure to adhere to these data accuracy standards will result in appropriate legal enforcement actions to maintain the integrity and completeness of the national banking database.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (2019/275)
To all banks operating in Palestine
Date: Wednesday, December 11, 2019
Subject: Accuracy of Data Declaration for the Banking Accounts System
Further to Palestine Monetary Authority Circulars No. (2019/29) dated 4/2/2019, No. (2019/88) dated 4/4/2019, and No. (2019/209) dated 29/8/2019, concerning the regulation of the Banking Accounts System operation, and in light of the review and analysis of banking account data received from banks during the previous period, some errors related to the declaration of resident customers' nationality were observed, where a nationality code other than the Palestinian nationality code is being used.
Accordingly, all banks are requested to comply with the relevant instructions, whereby customers whose residency status is defined as resident (S) must be declared with Palestinian nationality (PS) in the data files submitted by the banks; otherwise, appropriate legal measures will be taken to preserve the accuracy and comprehensiveness of the system's database.
Market Regulation Department
Palestine Monetary Authority
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251
Gaza - Palestine P.O. Box 4026
Fax: +970 8 2844487 | Tel: +970 8 2825713
www.pma.ps