Regulatory Alerts2015-01-01
Circular No. 55 (2015) Declaration of Income Value in the Monthly File
The Palestine Monetary Authority issued Circular No. 55 (2015) to mandate that all lending institutions operating in Palestine accurately declare customer income values and currency types in their monthly credit information files. This directive addresses widespread non-compliance with Circular No. (2014/183) regarding the accuracy and completeness of borrower demographic and financial data entry. Institutions must immediately review and correct these records, as continued failure to comply will result in appropriate legal enforcement actions.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (55 / 2015)
To all lending institutions operating in Palestine
Date: Thursday, March 19, 2015
Subject: Declaration of Income Value in the Monthly File
Further 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 completeness of data disclosure on the system in accordance with the instructions, it has been found that institutions are not 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 institutions are requested to review the data of borrowing customers and provide the income data, including the value and currency type, correctly as soon as possible, and continued non-compliance will lead to the appropriate action in accordance with the law.
Public Relations and Market Supervision Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Phone: +970 2 2415250 | Fax: +970 2 2409922
Gaza - Palestine P.O. Box 4026 | Phone: +970 8 2825292 | Fax: +970 8 2844487
Email: info@pma.ps