Regulatory Alerts2011-01-01
Instructions No. 2 of 2011: System for Amending and Updating Customer Financial and Personal Data
The Palestine Monetary Authority issued Instructions No. 2 of 2011 to mandate the transition from paper-based forms to a digital system for amending, updating, and settling customer financial and personal data within the Credit Information System. Lending institutions must circulate the new digital guidelines to their staff and implement the automated system in parallel with existing paper forms for two working days starting December 13, 2011, after which all paper submissions will be rejected. The directive outlines specific procedural steps for modifying borrower files, adding or removing guarantors, and updating demographic information, while explicitly restricting online changes to critical identifiers to preserve data integrity and authorizing enforcement measures for non-compliance.