Regulatory Alerts2011-01-01
Instructions No. 10 of 2011 Regarding the System for Modifying and Updating Financial and Personal Data of Clients
The Palestine Monetary Authority issued Instructions No. 10 of 2011 to mandate banks to transition from paper-based forms to an automated online system for modifying, updating, and settling borrowers' financial and personal data. The directive establishes a two-week parallel implementation period starting December 13, 2011, during which both digital and paper methods remain valid, after which only the new system will be accepted. It outlines specific procedural steps for data amendments, guarantor management, and personal file updates, while explicitly restricting online modifications to sensitive fields like client IDs, nationalities, and facility classifications, which require formal written requests to the Authority.
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