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.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. (2011/34) To all banks operating in Palestine Date: Wednesday, March 02, 2011
Subject: Authorization for Inquiry and Disclosure
In preparation for launching the unified inquiry service on the Palestine Monetary Authority's website, allowing citizens to inquire about the credit rating status (only) of customers who issue checks, this service requires comprehensive legal coverage to safeguard information confidentiality and prevent disclosure except within the legal framework.
Accordingly, all banks are directed to review the files of customers who have been issued checkbooks and verify that they have provided an authorization for inquiry and disclosure. If such authorization is not on file, the bank must obtain it or immediately suspend dealings with the customer until it is secured.
Through this circular, the Palestine Monetary Authority reiterates to banks the necessity of securing this authorization and grants them adequate time to review customer files and take the required actions to complete them, pending the official launch of the service in the coming months.
Supervision and Inspection Department Palestine Monetary Authority
Ramallah - Al Bireh P.O.Box 452 - Tel: 02-2409920 - Fax: 02-2409922 Gaza - P.O.Box 4026 - Tel: 08-2825713 - Fax: 08-2844487 E-mail: info@pma.ps www.pma.ps Ramallah - Al Bireh: P.O. Box 452 - Tel: 02-2409920 - Fax: 02-2409922 Gaza - P.O. Box 4026 - Tel: 08-2825713 - Fax: 08-2844487