Regulatory Alerts2017-01-01
Circular No. 254: Disclosure of Customer Data for Certain Private Sector Companies
The Palestine Monetary Authority issued Circular No. 254/2017 to mandate the disclosure of customer data for three designated private sector entities onto the national credit information system. Effective December 14, 2017, the Palestinian Development Fund, Farash International Agency for Cars Company, and Arab Financial Leasing Company must utilize their assigned system codes to report and exchange client information. This directive implements international credit information standards to mitigate credit and operational risks across the banking sector's facilities portfolios.
Palestine Monetary Authority
PALESTINE MONETARY AUTHORITY
Circular No. (254/2017)
To all banks operating in Palestine
Date: Wednesday, December 13, 2017
Subject: Disclosure of Customer Data for Private Sector Companies
Based on international standards related to credit information systems and in light of the credit information system database, with the aim of mitigating credit and operational risks in banks' facilities portfolios, please be informed that the disclosure of customer data for the following companies will commence:
- Palestinian Development Fund — MF17600
- Farash International Agency for Cars Company — RETC086
- Arab Financial Leasing Company — LEASF85
on the credit information system, effective from December 14, 2017, where the aforementioned codes have been assigned for use by the companies to disclose and exchange their customers' data.
Market Discipline Department
Palestine Monetary Authority
Ramallah - Palestine P.O. Box 452 | Tel: +970 2 2415250 | Fax: +970 2 2415310 | Hacks: +970 2 2415310
Gaza - Palestine P.O. Box 4026 | Tel: +970 8 2825292 | Fax: +970 8 2844487 | Hacks: +970 8 2844487
Email: info@pma.ps