Circular No. 202 Customer Data Update

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Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY

Circular No. (202 / 2022)
To all banks operating in Palestine
Date: Thursday, 08 September, 2022

Subject: Customer Data Update

In order to facilitate and streamline the customer data update process, and to enable banks to utilize available data from competent authorities for identifying and verifying customer data, we reiterate the necessity of strict compliance with the following:

1. Update customer data according to risk classification timeframes, ensuring completion of data update conditions per the requirements of Directive No. (23) of 2021, and obtaining the Palestine Monetary Authority's prior written approval for this before the end of November 2022.
2. Utilize the systems provided by the Palestine Monetary Authority to inquire about citizen identities in the Civil Registry and data for establishments and companies registered with the Ministry of National Economy, in accordance with the requirements of Circulars No. (2020/24) and No. (2021/143), and use the available databases (systems) for updates, thereby reducing the burden on citizens and companies.
3. Consider the data available in the free inquiry response regarding establishment and company data as reliable and acceptable for periodic data updates without the need to obtain a new registration certificate, provided that no modifications have occurred to the registration data available at the bank.

Supervision Group
Palestine Monetary Authority

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