Regulatory Alerts2019-01-01
Circular No. 18: Disclosure of Data for Certain Private Sector Companies
The Palestine Monetary Authority issued Circular No. 18/2019 mandating the disclosure of customer data for two specific private sector entities, Mohammed Amin Furniture Company and Fajr Al-Quds for Loans and Financial Affairs, on the national Credit Information System. This directive, effective January 23, 2019, assigns unique identification codes to these companies to facilitate the reporting and exchange of client information. The measure aims to align with international credit information standards and mitigate credit and operational risks within the banking sector's lending portfolio.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (18/2019)
To all banks operating in Palestine
Date: Tuesday, January 22, 2019
Subject: Disclosure of Data for Certain Private Sector Companies
Based on international standards related to credit information systems and their impact on the credit information system database, and with the aim of mitigating credit and operational risks in the banks' facilities portfolio, please be advised that the disclosure of customer data for the following companies will commence:
- Mohammed Amin Furniture Company RETCO58
- Fajr Al-Quds for Loans and Financial Affairs Company RETCO59
on the Credit Information System effective as of January 23, 2019, where the aforementioned codes have been assigned to the companies for use in disclosing and exchanging data regarding their customers.
Market Discipline Department
Palestine Monetary Authority
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Ramallah & Al-Bireh Governorate - Palestine P.O. Box 452
Tel: +970 2 2415251 | Fax: +970 2 2415310 | info@pma.ps
Gaza - Palestine P.O. Box 4026
Gaza - Palestine P.O. Box 4026
Tel: +970 8 2825713 | Fax: +970 8 2844487