RegAlertRule · PMA · 27 Jan 2019
Circular 25 Compliance with Monthly Financial Data Closing Requirements
The Palestine Monetary Authority mandates that all specialized lending institutions operating in Palestine strictly comply with the monthly financial data closing requirements outlined in Circular No. (2018/101). Institutions must finalize their monthly financial statements by the end of the third working day of the subsequent month to ensure alignment with international accounting standards and maintain the accuracy of income and financial position reports. This directive reinforces prior supervisory follow-ups and addresses recent non-compliance by emphasizing the critical role of timely monthly closures in regulatory oversight.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (25/2019)
To all specialized lending institutions operating in Palestine
Date: Sunday, January 27, 2019
Subject: Compliance with Monthly Financial Data Closing Requirements
Based on the provisions of Presidential Decree No. (132) of 2011 concerning the licensing and supervision system for specialized lending institutions, and subsequently the supervisory requirements regarding the monthly closing of financial data and related office and field follow-ups, it has become evident that some lending institutions have failed to comply with the requirements of Circular No. (2018/101) regarding the necessity of closing the institution's monthly financial data by a maximum deadline at the end of the third working day of the following month. However, monthly closing is a fundamental requirement in accordance with international standards for closing accounts of financial institutions, and due to its importance and impact on the accuracy and correctness of all company accounts related to the income statement and financial position; we hereby emphasize the necessity for all specialized lending institutions to comply with the requirements of the aforementioned circular.
Supervision and Inspection Department Palestine Monetary Authority
Note:
Ramallah and Al-Bireh Governorate - Palestine P.O. Box 452 info@pma.ps | Fax: +970 2 2415310 | Tel: +970 2 2415251 Gaza - Palestine P.O. Box 4026 Fax: +970 8 2844487 | Tel: +970 8 2825713 www.pma.ps
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- Presidential Decree No. (132) of 2011 concerning the licensing and supervision system for specialized lending institutionsNot in RegAlert
“Based on the provisions of Presidential Decree No. (132) of 2011 concerning the licensing and supervision system for specialized lending institutions”
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