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.
Palestine Monetary Authority
Palestine Monetary Authority
Circular No. (88/2013)
To all banks operating in Palestine
Date: Tuesday, July 09, 2013
Subject: Bank Commitment Certificate / Letter of No Debt
Further to Circular No. (70/2013) dated 28/05/2013 regarding customers' requests for a Letter of No Debt, and following a review of the standard operating procedures adopted by banks concerning the aforementioned subject, and to regulate the process in alignment with customer rights and Credit Information System requirements, all banks are required to provide their customers with a Bank Commitment Certificate / Letter of No Debt within three business days in cases where the bank's customer has no direct or indirect obligations. Banks must also commit to immediately updating the data of reported customers with the Credit Information Office through the designated website, without waiting for monthly disclosure processes.
Public Relations and Market Officers Department
Palestine Monetary Authority
Ramallah - Al Birih 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 Birih P.O. Box: 452 - Tel.: 02-2409920 - Fax: 02-2409922
Gaza - P.O. Box: 4026 - Tel.: 08-2825713 - Fax: 08-2844487