Regulatory Alerts2015-01-01
Circular No. 51/2015: Declaration of Income Value in the Monthly File
The Palestine Monetary Authority issued Circular No. 51/2015 to mandate all Palestinian banks to accurately declare the income value and currency type for all borrowing customers in their monthly credit information files. Following an audit of compliance with Circular No. 2014/183, the regulator identified systemic failures in staff data entry and borrower demographic records that resulted in incomplete income disclosures. Banks are ordered to immediately review and correct these records, with a strict warning that failure to comply will trigger appropriate legal enforcement actions.
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