Regulatory Alerts2013-01-01
Circular No. 88 Bank Commitment Certificate / Letter of No Debt
The Palestine Monetary Authority issued Circular No. 88/2013 to standardize the issuance of Bank Commitment Certificates and Letters of No Debt for banking customers. The directive mandates that all banks must provide these documents within three business days upon confirmation that a customer holds no direct or indirect obligations. Furthermore, banks are required to immediately update customer records in the Credit Information System through the official portal, eliminating the need to wait for routine monthly disclosures.
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