Regulatory Alerts2011-01-01
Circular No. 34: Authorization for Inquiry and Disclosure
The Palestine Monetary Authority issued Circular No. 34 to mandate that all banks operating in Palestine obtain explicit customer authorization for inquiry and disclosure prior to accessing credit rating data through the upcoming unified online service. Banks are required to immediately review existing checkbook customer files, secure the necessary legal authorizations, and suspend account dealings for any non-compliant clients until the documentation is obtained. The regulator has granted a transitional period to complete these compliance measures ahead of the service's official launch in the coming months.
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