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.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (51/2015)
To all banks operating in Palestine
Date: Thursday, March 19, 2015
Subject: Declaration of Income Value in the Monthly File
With reference to Palestine Monetary Authority Circular No. (2014/183) dated 17/12/2014 concerning the Credit Information System Instructions, and as a result of monitoring compliance with the accuracy and comprehensiveness of data disclosure on the system in accordance with the instructions, it has been observed that banks have not been correctly declaring the income value for borrowing customers, either through daily record-opening operations performed by staff or through the demographic data of borrowers. Therefore, all banks are requested to review the data of borrowing customers and provide them with accurate income data, including the value and currency type, as soon as possible, lest we be compelled, unfortunately, to take appropriate legal action.
Public Relations and Market Discipline Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2409922 Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 Email: info@pma.ps www.pma.ps