Regulatory Alerts2016-01-01
Circular No. 53: Developmental Updates to Version IV of the Credit Information System
The Palestine Monetary Authority issued Circular No. 53 mandating all lending institutions in Palestine to implement developmental updates to Version IV of the Credit Information System effective April 3, 2016. The circular details modifications to the inquiry screen, credit record opening processes, credit report formatting, and the monthly facility file migration mechanism to enhance data accuracy, reporting efficiency, and risk assessment capabilities. Institutions are required to achieve zero error rates in monthly file submissions, adhere to strict disclosure guidelines for borrower classifications and joint accounts, and transition to the new system architecture by April 21, 2016.
Share